The NEW waiting to exchange thread...

Aliliva

Given that someone has brought up the insurance topic, when should I start looking into the contencts insurance?
My mortgage broker insists I have to have it in place before exchange, but I'm planning some works before moving in (couple of weeks, nothing more), and I don't see why I should pay for an extra month if I can avoid it. Not to mention, the total value of my contents will be closer to 10k than to the normal 75k in the first few months (as in, I won't have money to furnish living room and one bedroom at least for a couple of months, let alone buying any white or tech good).

And, given that I'm asking questions, when should I get started looking for energy and braodband suppliers?


[now that things are moving a bit I'm starting to realise I know nothing about properties despite living on my own for more than a decade]

CommitedToChange

That's rubbish on the insurance front Littlebobo

Alilivia - I'm sure you only have to have buildings in place, though it may be a conditon of your mortgage - thought that seems unlikely. I'd double check with your solicitor.

You can look at deals for energy and broadband now, I've already ordered sky (great offer and cashback) as they normally have a couple of weeks before they can hook you up - but I can cancel if it all falls through, and I signed up with the MSE energy club so could hopefully do that the day after completion. I have to complete by the 4th though so I have a better idea of when I may be moving in.

Aliliva

CommitedToChange wrote: »

Alilivia - I'm sure you only have to have buildings in place, though it may be a conditon of your mortgage - thought that seems unlikely. I'd double check with your solicitor.

I have the feeling they're just trying to get me to insure my contents using them as brokers...but being only a content insurance I'm more than happy to do it myself with the help of mr Google.

I'll have a look at the energy club and at the broadband later this week, but from what you've said I should probably hold the horses, given that we haven't agreed on a exchange date yet!

Littlebobo1981

Alilvia - if you have a big gap in between you will most certainly need insurance we are fortunate enough to have exchanged without it but trying to get an insurer now is proving to be a total pain in the !!! ( due to the work we are having done) and some solicitors will request it before exchanging....i certainly would have rather had this sorted before hand !

juniordoc

You should have buildings insurance in place from exchange day but there is no need to get contents insurance before you complete since none of the contents will be yours until then!

Aliliva

Littlebobo1981 wrote: »

Alilvia - if you have a big gap in between you will most certainly need insurance we are fortunate enough to have exchanged without it but trying to get an insurer now is proving to be a total pain in the !!! ( due to the work we are having done) and some solicitors will request it before exchanging....i certainly would have rather had this sorted before hand !

but how can I insure my contents when the house is empty and I'm not sure of the future value of my furniture/electrical/tech? I'm not talking about building insurance, as I'm buying a leasehold and that's covered by the service charge.
I just want to make sure I'm not wasting my money, even if it's just a few quids, given that this purchase is draining my founds to zero (if not in negative territory)

Can I ask you, also, why they're causing you so many problems for the content insurance just because of some works? Am I right assuming you haven't moved your belongings in yet?

BlueTwiglet

Congratulations to CTC and Littlebobo1981!


I'm starting to really feel stressed now and I cannot wait for this whole situation to be over. However, from reading some other experiences that users have faced, I don't really feel that I have anything to be stressed about!


The sale of my house is ticking along quite nicely, to the point that the buyer's driving licences turned up on the weekend. (I'm taking the more optimistic view that they are hoping exchange will be pretty soon.)


I finally received my mortgage offer on the weekend, but as the property I'm buying will only be in my name my solicitors have to go back to the lender to request an Occupier's Consent Form for my partner. Hopefully this won't delay things too much.


It seems that as soon as something is going smoothly, another little issue rears its ugly head. My mortgage broker has assured me it's nothing to worry about but I can't help but feel it adding to the stress.


Fingers crossed for everyone else aiming for exchange/completion this week!

Help1234

House came on the market: 06/10/2017
Viewed house and made offer: 10/10/2017
Offer accepted: 11/10/2017
Solicitors instructed: 20/10/2017
Full mortgage approved: 25/10/2017
Full structural survey: 30/10/2017 - no issues found
Solicitors began searches: 01/11/2017
Solicitors provided report of search results and submitted enquiries: 07/12/2017
All enquiries back: 03/01/2018
Help to buy ISA closed: 12/01/2018
Deposit transferred to solicitors: 15/01/2018

EXCHANGED: 22/01/2018
Completion set for 02/02/2018

Fisa002

Vampyr wrote: »

The memo of sale is just a piece of paper that lists the names of buyers and sellers, their solicitors and property details. It isn't all that important but serves as a record of details and allows solicitors to talk to the right people.

The EA should mark the property as sold or SSTC as soon as possible, It's not cheeky at all and a lot of people state this as a term of their offer when making it. Ask immediately - you don't want to be gazumped!

So I emailed the EA today asking them to remove it from marketing and not conduct anymore viewings. They ignored the first piece and replied they won’t be conducting anymore viewings.
I received the memorandum of sale. The house is still up as for sale online on the websites. Should I be worried ?

Vampyr

Aliliva wrote: »

but how can I insure my contents when the house is empty and I'm not sure of the future value of my furniture/electrical/tech? I'm not talking about building insurance, as I'm buying a leasehold and that's covered by the service charge.
I just want to make sure I'm not wasting my money, even if it's just a few quids, given that this purchase is draining my founds to zero (if not in negative territory)

You don't need contents insurance until you move in - after all there are no contents to insure yet! It's only buildings insurance that is needed from exchange. You can check your wording on your mortgage offer to confirm this. The mortgage provider only cares about the building which they have an interest in - they have no financial interest in your contents. That's to avoid a situation where say the building burns down after you exchange but before you complete - without insurance you're legally committed to buy even if it is the remaining ashes, so you need to be sure you are protected with insurance. As a leasehold, you should already have building insurance so you don't need to do anything. Contents can be done a couple of days before moving in, and if anything goes wrong (very very unlikely) just cancel it under the cooling off period.