Proof of Home Insurance

G_M

Dird wrote: »

I meant to say I don't see why people should have to insure prior to completion as the current owner presumably already has insurance on it and at exchange it's still their house.

That used to be how it was done until the introduction of the Standard conditions of sale (5th edition) (PDF, 122kb

AdrianC

Dird wrote: »

I meant to say I don't see why people should have to insure prior to completion as the current owner presumably already has insurance on it and at exchange it's still their house.

How much is the annual policy costing you?
How long between exchange and completion?

From exchange = if your solicitor emails you 1 hour after exchange & you're waiting in a phone queue for 30 minutes to buy the insurance then you're not insured from exchange

Did exchange come as a complete surprise to you?

westv

Dird wrote: »

I meant to say I don't see why people should have to insure prior to completion as the current owner presumably already has insurance on it and at exchange it's still their house.

What happens if they were cash buyers and didn't bother to insure? Unlikely I know but not impossible.

AdrianC

westv wrote: »

What happens if they were cash buyers and didn't bother to insure? Unlikely I know but not impossible.

Exactly the same as would happen if they didn't insure it after completion.

It's just that mortgage lenders tend to be a bit wary about the potential for repossession of a smouldering ruin.

agrinnall

My solicitor wanted evidence of insurance on exchange even though I was a cash buyer, she was happy enough with me providing the policy number, although I guess she may have wanted more if there had been a mortgage provider to satisfy.