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Building Insurance / Scheduled to Exchange Monday / Awaiting Mortgage Offer
WCN87
Posts: 144 Forumite
Hi,
Halifax have arranged for valuation to take place tomorrow, and we were supposed to be exchanging on the 22nd Feb (Monday) and moving in end of March (New build) Our solicitors have sent us documentation mentioning that we need to have building insurance 5 days prior to exchanging.
Is it a good idea to do this when we haven't received a mortgage offer yet?
Halifax have arranged for valuation to take place tomorrow, and we were supposed to be exchanging on the 22nd Feb (Monday) and moving in end of March (New build) Our solicitors have sent us documentation mentioning that we need to have building insurance 5 days prior to exchanging.
Is it a good idea to do this when we haven't received a mortgage offer yet?
0
Comments
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You don't need to insure a newbuild until completion.
The builder retains the risk between exchange and completion.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Hi,
Halifax have arranged for valuation to take place tomorrow, and we were supposed to be exchanging on the 22nd Feb (Monday) and moving in end of March (New build) Our solicitors have sent us documentation mentioning that we need to have building insurance 5 days prior to exchanging.
Is it a good idea to do this when we haven't received a mortgage offer yet?
Don't exchange until you get a mortgage offer, if you do and the offer falls through you are stuffed financially0 -
we're due to exchange Tuesday and still no mortgage offer! also been advised to just wait in case it doesn't come off.0
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Presumably the developers recommended (bl**dy near compulsory) solicitors ?
They are supposed to be looking after your interests (and the lenders) - typical !Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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