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Building insurance responsiblility
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lindabea
Posts: 1,530 Forumite
Hi everyone,
When contracts are exchanged, does the buyer become responsible for the buildings insurance or does the vendor need to keep the policy in place right upto to completion. Someone told me that the buyer needs buildings insurance in place on exchange, but I'm not sure. Does anyone know who is responsible once contracts are exchanged?
When contracts are exchanged, does the buyer become responsible for the buildings insurance or does the vendor need to keep the policy in place right upto to completion. Someone told me that the buyer needs buildings insurance in place on exchange, but I'm not sure. Does anyone know who is responsible once contracts are exchanged?
Before doing something... do nothing
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Comments
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I think the buyer is responbsible.
TBH building insurance ain't expensive. I would do it anyway.Behind every great man is a good womanBeside this ordinary man is a great woman£2 savings jar - now at £3.42:rotfl:0 -
The buyer must have buildings insurance in place before contracts can be exchanged. Mortgage lenders make this a criteria for lending.
This is because the minute you exchange, you are legally obliged to buy the house. And as the seller has no further "interest" in it, they might not have bothered (ever) to insure it, or might even cancel what they have. So imagine what would happen if it burnt down the day after ..... seller's fine - he's got a new house to go to. What would YOU do?
And while you are stood in the front garden, holding the keys, your removals van parked behind you (with an expensive team of movers itching to get shot of your stuff ...) ... how would you feel that the burnt out wreck in front of you is yours, your home ... AND ... you still owe that huge mortgage on it.0 -
^succinct and true
BLOODBATH IN THE EVENING THEN? :shocked: OR PERHAPS THE AFTERNOON? OR THE MORNING? OH, FORGET THIS MALARKEY!
THE KILLERS :cool:
THE PUNISHER :dance: MATURE CHEDDAR ADDICT:cool:0
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