3-4 months between exchange and completing

MobileSaver

Cbcb wrote: »

Our main concern is insurance and the risks of something happening in that period. ... we're not willing to wait for excessive delays on new build completion.

Insurance should be a non-issue, I don't think you'll have any problem with that. Your main concern needs to be that there are 101 reasons why their new build may not be ready on time.

Do not believe any seller who says they'll happily move into rented to facilitate the sale. As you rightly said, you need this written into the contract and legally binding otherwise you could be setting yourself up for a world of pain several months down the road.

pinkteapot

Yes, you WILL have trouble getting insurance. In our last move we had 7-8 weeks between exchange and completion and a number of the big-name insurers wouldn't do it. Their systems had a limit of 28 days exchange to completion so 'computer said no'.

We had to insure with Hiscox who are a premium insurer so it cost a fair bit more. We switched to a normal insurer after the first year.

I'd be very wary as new-builds are often delayed (we'll be completing soon on one that was meant to be ready in September). If you do agree to exchange with completion on notice, make sure there's a long-stop date written in that you're happy with. You won't be able to get out of the purchase until that date.

AndyTails

I bought my current house with 3 months between exchange and completion, I had no issue getting buildings insurance from exchange. I'd happily do it again.

BUT I'd want to avoid anything to do with "completion on notice" that comes with new build. I completely agree that if you are going to do it, get it written into the contract that completion will happen no later than {some given date that you're happy with}. Anything else leaves you with the risk of nothing having happened in a year's time.