No exchange date and solicitor wants insurance cofirmation?

Bigbobby

I am in the process of buying a 2 bed semi. I am aware that buildings insurance needs to be in place from the date of exchange of contracts.
I received a letter from my solicitor asking to provide a copy of my building insurance schedule and policy booklet as soon as possible. It also states that exchange of contracts and completion may be delayed if this information is not provided.
How am I meant to obtain buildings insurance if I do not even know the exchange of contracts date?! Do I just guess and start the policy from a random date? Next week, 2 weeks, 6 weeks????

pmlindyloo

is there some reason why insurance may be difficult to obtain? Flood risk etc etc?

Obviously this is a question you need to ask your solicitor. Perhaps exchange is imminent?

penguingirl

Pretty much- but obviously pick a date before your anticipated exchange date. Think for our current house we bought it about a week before, but in our previous house we ended up buying it about 10 weeks before as we were ready to exchange and our vendors got cold feet! They eventually changed their minds, but it was annoying.

Have you signed any of the contracts yet (not the same as exchanging, but a sign you are close)? That is normally a reasonable time to do it as you can send the insurance schedule to your solicitor with the contacts.

Bigbobby

No documents signed yet. I feel exchange of contracts is imminent though as I received all reports back and solicitor has put together draft contract.
For ease I have just decided to buy the insurance online, takes effect from Monday. I bought with AXA online and have just emailed it all to my solicitor.

agrinnall

I think your solicitor is being over-cautious, I got my buildings insurance on the day of exchange and simply sent my solicitor an email with the policy number.

G_M

Perfectly normal..

The lender (is there a mortgage?) requires their solicitor to ensure insurance is in place from Exchange - hence the standard "exchange of contracts and completion may be delayed if this information is not provided" statement.

So sorting out insurance is just one of the many steps leading up to Exchange.

Get some quotes using a reasonable estimate for Exchange. Decide which insurer you will use. Send the policy document to your solicitor with a covering letter saying you will activate the policy on the day of Exchange.

sorted.

bigfreddiel

I've moved quite a few times and I've never been asked to show proof of insurance by my solicitors, of course I had insurance at exchange, surely everyone knows you need to arrange it. But it's never been a condition of exchange and completion. I could understand if the mortgage provider wanted to see it.

Cheers fj

G_M

bigfreddiel wrote: »

I've moved quite a few times and I've never been asked to show proof of insurance by my solicitors, of course I had insurance at exchange, surely everyone knows you need to arrange it. But it's never been a condition of exchange and completion. I could understand if the mortgage provider wanted to see it.

Cheers fj

The mortgage provider does not need to see it. They employ a solicitor (at the buyer's expense) to check it for them.

There is even a whole book used by solicitors with all the requirements they have to fulfill when acting for a mortgage lender (insurance is in there).

https://www.cml.org.uk/lenders-handbook/

ethank

It could just be a standard email, but perhaps this is your solicitor telling you that he is ready to exchange

James01478

We are almost at exchange and were asked to provide evidence of insurance.
We were advised by the insurer to make the start date of the policy the planned completion date (initially know but was moved by 10 days) as the policy covered us between exchange and completion. When the date moved just phoned the insurer and asked them to move the start date.
We are FTB