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What to do between exchange and completion PLUS Insurance on BTL
krishna
Posts: 818 Forumite
We are expecting to exchange contracts on another house end of this week. Still need to agree a completion date. I'm reckoning we need a minimum of 2 weeks between exchange and completion in order to ensure everything goes smoothly. Anyone disagree with this?
The question is, what do we need to do between exchange and completion? We are not selling our current home, but will be renting it out, once we have redecorated. The house we are buying needs work and I am expecting it to take us three months to sort this out. So I expect that we will move early January.
So I guess we need to contact utility companies to notify them of change of ownership. I guess we will have to keep gas and electricity going. Will need elec for working on the property. Keep gas going in case we need a minimum of heat to prevent freezing pipes? It's mid-terrace but very poorly insulated.
Can manage without telephone for time being so no need to renew.
Need to notify water company.
Council tax (apply for reduced rate for vacant property)
Anything else we need to do?
What do we do about insurance? The policy on our existing house is due for renewal later this month. We'll still be living here for a few months, so will need to renew. Do we pay monthly for now? Because I assume we will need different insurance on a buy to let.
What about the vacant new property? Do we just need buildings cover?
The question is, what do we need to do between exchange and completion? We are not selling our current home, but will be renting it out, once we have redecorated. The house we are buying needs work and I am expecting it to take us three months to sort this out. So I expect that we will move early January.
So I guess we need to contact utility companies to notify them of change of ownership. I guess we will have to keep gas and electricity going. Will need elec for working on the property. Keep gas going in case we need a minimum of heat to prevent freezing pipes? It's mid-terrace but very poorly insulated.
Can manage without telephone for time being so no need to renew.
Need to notify water company.
Council tax (apply for reduced rate for vacant property)
Anything else we need to do?
What do we do about insurance? The policy on our existing house is due for renewal later this month. We'll still be living here for a few months, so will need to renew. Do we pay monthly for now? Because I assume we will need different insurance on a buy to let.
What about the vacant new property? Do we just need buildings cover?
0
Comments
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Make sure you have insurance on both properties. You won't have to notify Gas,Water, Elec etc. until the day you take possession of the property, because when you notify them you will give them the current reading.
The only thing you will need to do inbetween exchange and completion is look at colour charts! You can't do anything until you have the keys!
You say "two weeks in between exchange and completion" Whats the reason for this? You can exchance and complete on one day if needs be and the house you are going to is empty. If it's occupied then you and the sellers should come up with a suitable date.0
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