Buildings Insurance

ladymarmalade222

I posted a question about which insurers allow you to add them as an interested party to the policy and ringing a few companies it seems most do this.

Upon speaking to them I have another query, the letter I received from solicitor said I need to set up a buildings policy for a few weeks from now and then amend the date when we have an exchange date. I have spoke to the insurance companies and they have said I cannot take the policy out until date of exchange. Is that correct?

I can now understand why I have not moved in 20 years:rotfl:

Thanks everyone

xx

G_M

Select your insurer.

Get a quote you're happy with.

Download policy document from their website.

Give solicitor copy of quote and policy document.

On day of exchange, take out policy.

ladymarmalade222

The letter from the solicitor says I need a policy which has to name the lender as an interested party which I cannot do until I buy the policy. The insurance company will not let me buy the policy until date of exchange.

davidmcn

ladymarmalade222 wrote: »

The letter from the solicitor says I need a policy which has to name the lender as an interested party which I cannot do until I buy the policy. The insurance company will not let me buy the policy until date of exchange.

Not sure why you'd need to produce anything to the solicitor before exchange - I would just check prices etc and then activate it on the day of exchange (online or over the phone). The lender's interest only becomes relevant at completion, the period between exchange and completion is purely your problem.

mattk_180

Exactly what David said, and that's exactly what I've just experienced with mine.


We only had to activate it at exchange as it was in our interest and because the lender needed to see it before completion to release funds. No need for it to be in force any length of time before exchange.

G_M

ladymarmalade222 wrote: »

The letter from the solicitor says I need a policy which has to name the lender as an interested party .

So when you send the quote and policy document (my step 4 above), include in the covering letter a sentence to say you will name the lender as an interested party when you take out the policy.