Exchange/Buildings Insurance

Mizenberg

Hi all,

Can somebody please clarify this for me. We are due to exchange contracts in a few weeks time. At what point exactly am I supposed to get a buildings insurance policy for the house I am buying?

Do I just need to get a quote before we exchange, or get an actual policy before/after we exchange?

Thanks

Surrey_EA

You will need to have a buildings insurance policy in place to cover the property from the moment you exchange.

Mizenberg

Thanks for the reply, but I am still confused! So I need to actually take out the policy BEFORE we exchange, in order to be able to exchange? Or do I provide sols/lender with a quote, then take the policy out ASAP when we HAVE exchanged?

I find it confusing, as you can never be sure you are going to exchange, until you actually do exchange.

chelseablue

I found the best price on the comparison sites then when my solicitor phoned to tell me we had exchanged I phoned my chosen insurance policy and paid for the policy to start that day

Mizenberg

chelseablue wrote: »

I found the best price on the comparison sites then when my solicitor phoned to tell me we had exchanged I phoned my chosen insurance policy and paid for the policy to start that day

Ok cool thanks, but did you not have to provide details to your solicitor/lender in order to exchange? I was under the impression that was part of the process.

Surrey_EA

I don't recall providing the details of my policy to my solicitor last time I moved, it should be enough just to confirm you have a policy in place.

Perhaps ask your solicitor what they require from you.

chelseablue

Mizenberg wrote: »

Ok cool thanks, but did you not have to provide details to your solicitor/lender in order to exchange? I was under the impression that was part of the process.

No, I never provided details of the policy to our solicitor

Mizenberg

Thanks all. I have emailed the solicitor just for clarification.

Baxter81

I think it often depends on the lender if you need a mortgage. Some even want to check the insurance docs themselves, some let solicitors do it, some don't seem as worried!

Mizenberg

Thankyou- it's crazy, I keep thinking we are ready/prepared then other things come up that I hadnt even thought about!

I am determined to be 100% for exchange, so at least I can't be responsible for anything going wrong!

Brightspark87

Hi just to say that we have to provide evidence of insurance too - part of the tick box as far the solicitor is concerned for the mortgage. Wasn't a problem as we hopefully have a good couple of weeks between exchange and completion so I will be providing it after exchange.