Help with completion

HouseBuyer77

Exchange and completing on the same day?

Phone the insurer and say you want the policy to start earlier, shouldn't be a big issue, maybe you'll have to pay an admin charge.

You can of course not agree to the earlier date if it's inconvenient for you.

G_M

Darren91 wrote: »

I hate knowing nothing about buying a house. .

There are dozens of websites that explain the process.

And your local library will have (free) books explaining everything in detail, which you can borrow for 3 - 9 weeks at a time to see you through the process.

You're commiting 00s of 000s of £££s - of course you should do some research so that you "know[STRIKE]ing[/STRIKE] [STRIKE]no[/STRIKE]something about buying a house"

Darren91

I'm getting slated but I thought I was being organised by sorting everything in advance to be honest, learnt my lesson anyway. I'll find my definite exchange date and get the date on my home insurance changed then.

G_M

Darren91 wrote: »

I'll find my definite exchange date and get the date on my home insurance changed then.

Have you not read the replies?

There is no such thing as a "definite exchange date".

UNTIL YOU ACTUALLY EXCHANGE, DO NOT MAKE PLANS/COMMITMENTS ETC.

If you now change the insurance start date to the new planned exchange date (perhaps paying an admin fee), what happens if that date changes again.........?

Or the purchase falls through completely, which it still can.........

Darren91

Fair enough. I don't understand why my solicitor made me book my home insurance in if that's the case, or I'd have waited. I just accepted him as the person who knew what he was doing and me as the person that did what he told me to.

pinkteapot

It's ok, you're bound to learn a lot the first time you buy - everyone does.

What you should do is get quotes for home insurance (putting in the start date as the planned exchange date) and decide which one you'll take up. Then, on exchange day, ring the insurer or go online and actually take out the policy (ie pay for it!), then send the confirmation to your solicitor.

If your solicitor insists on confirmation before exchange, talk to them and ask if forwarding them the quote you're going to take up is sufficient. Every solicitor I've ever used is happy to exchange, confirm to me it's happened, then receive insurance confirmation.

The issue is that your mortgage company will be insisting on insurance from exchange and it's your solicitor's responsibility to check for them that you've got it. That's where all this comes from.

Once you've exchanged, your completion date is set in stone. You need to know what it is. As I said, utilities (gas/elec/water) you can phone after completion - no need to do it before. For things like TV/phone/broadband etc you might want to phone the company you plan to use and get installation booked. You can do that before completion so that things are installed ASAP, but don't phone until after exchange.

Darren91

Thanks, you've been incredibly helpful without being rude which is more than I can say for some!

My mortgage company did actually insist I had already got it in place. I'd sent a quote before and that was not enough, I had to actually take it out. Strange.

I exchange today now, with completion on the 18th, so I'll simply wait to exchange and then ring my home insurance company and get it amended to start in immediate effect. Hopefully it wont carry too much of an admin fee. Ah well, it's all good learning experience at the end of the day!

sam2015_2

Well, you learn every day.
I started the building insurance couple of weeks ago because we were going to exchange and complete on the same day but it didn't happen....still hasn't exchanged. Long story!! So I'm insuring my vendor's property for the 2nd week now.
It is a small price to pay compare to the house price.