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At what point do you buy insurance for a purchase?
FIRSTTIMER
Posts: 637 Forumite
Hi,
If it is for when you exchange, where do the documents get sent if you purchase it a couple of weeks in advance to get the best deal? Or do I actually purchase it on day of exchange....
If it is for when you exchange, where do the documents get sent if you purchase it a couple of weeks in advance to get the best deal? Or do I actually purchase it on day of exchange....
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Comments
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Buildings cover is required from the point of contracts being exchanged. Use your current address as the correspondence address and the new address as the risk address.
Apply for the cover with TBA as the start date and then start it when instructed by your solicitor. The insurer will then normally issue a letter confirming the cover meets the CML Handbook requirements.
Any contents cover can start from 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 -
Purchase on the day of exchange since you don't know when that is for sure until it has happened.
They can send documents to your current address.0 -
Thanks People0
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Is this the same if you are keeping your own house but buying an additional property for family members to live in?0
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The purchase process is exactly the same. You need to insure the property from exchange of contracts.
However, you will need to establish the kind of cover you need if the property won't be owner-occupied.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 -
Some companies - inc John Lewis - will cover both your existing and new house for a period on your existing policy.0
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