Insurance for House purchase

teffers

Buying a House (freehold) and have a question regarding insurance.

I know I have to have Buldings insurance from Exchange.

The vendor has left the country and the house is now vacant. I'd made a separate agreement to purchase the furniture which remains in the property. I'll pay him privately for this at completion. These items are not listed on the f&f form obviously.

I realise the contents remain his until completion (until I have paid him for them) but I would like to insure them if it's appropriate, rather than him have the hassle of it all if the worst happens.

Would you suggest I insure both the contents and buildings from Exchange in this curcumstance ?

The period between Exchange and Completion is likely to be around 1 week.

G_M

as the contents are not yours, and you will have no contract to purchase them, you have no legal interest in them so cannot insure them.

teffers

Thanks G_M. Very good point I obviously missed.

If I pay for them at Exchange, rather than at Completion, this would change that.

Essentially I want to keep it simple for me, the insurer and the vendor.

G_M

A cautious seller would not permit a buyer to store their belongings in the property prior to Completion........

How much is this 2nd hand furniture worth? It can't be a lot, so I wonder if it's worth insuring - especially if you don't stand to lose anything if it got burned/stolen since it would not be yours?

Or are we talking about antiques? In which case surely the vendor has insurance?

teffers

I've agreed a price of £750 for the items. It would probably cost me around £1500 to replace.

The seller is happy for me to 'store' 'my' items there until completion.

I do understand though, the point of view that it's his risk until I complete. I'm just thinking it's easier to take out Buldings & Contents at the same time, especially as the items are/will be mine that are in there.

ThePants999

Are you also selling a property, and do you have buildings+contents on that? I had an overlap on my most recent purchase where I needed to insure contents on both, and when I discussed this with my insurer, I was pleasantly surprised to find that in transferring the insurance to the new property on exchange, they automatically continued to cover the old property too until completion.

teffers

ThePants999 wrote: »

Are you also selling a property, and do you have buildings+contents on that? I had an overlap on my most recent purchase where I needed to insure contents on both, and when I discussed this with my insurer, I was pleasantly surprised to find that in transferring the insurance to the new property on exchange, they automatically continued to cover the old property too until completion.

Unfortunately not. FTB, no current insurance I could use.