Exchange tomorrow, insurance and utilities?

Nebulous2

dennishopper wrote: »

Ah! It’s actually a flat in a former building that’s been split into 5.. Wouldn’t have a clue re. rebuild cost :-|

Check the home report. It is likely to be on there.

davidmcn

dennishopper wrote: »

It’s actually a flat in a former building that’s been split into 5.. Wouldn’t have a clue re. rebuild cost :-|

You've already checked there isn't a common buildings policy? (I guess your solicitor has already if they're recommending you get your own).

Rebuild value will be in the mortgage valuation.

dennishopper

Nebulous2 wrote: »

Check the home report. It is likely to be on there.

I’ve checked and it isn’t there! I’ll ask my solicitor tomorrow. I’m sure arranging it on the day to start cover on the day is ok? (albeit cutting it fine)

walwyn1978

dennishopper wrote: »

I’ve checked and it isn’t there! I’ll ask my solicitor tomorrow. I’m sure arranging it on the day to start cover on the day is ok? (albeit cutting it fine)

Get online now, get it bought and it will commence at 00.01 tomorrow. If you buy it tomorrow, it’s likely to start the day after.

davidmcn

dennishopper wrote: »

I’ve checked and it isn’t there! I’ll ask my solicitor tomorrow.

Bit odd, they should have as standard a mortgage valuation report with the reinstatement value (e.g. on page 27 of this one). Definitely not stated in your mortgage offer either?

dennishopper

davidmcn wrote: »

Bit odd, they should have as standard a mortgage valuation report with the reinstatement value (e.g. on page 27 of this one). Definitely not stated in your mortgage offer either?

It was a cash purchase and the home report simply states the home report value and not a rebuild value

dennishopper

walwyn1978 wrote: »

Get online now, get it bought and it will commence at 00.01 tomorrow. If you buy it tomorrow, it’s likely to start the day after.

Damn, will just miss that! Although apparently his policy will still be in place, at least for tomorrow, and two policies in place at the same time invalidate each other, or so suggested my solicitor. Alas I’ll get on it tomorrow so it starts tomo if possible or 00.01 on Thursday.

Thanks for all of this advice, very helpful. Please to hear I can take a few days to reach out to the utility suppliers, I’ve been a little slow and unorganised which is bad on my part I appreciate as I have no experience with this or any close by help in terms of what to do.

Mutton_Geoff

If it's a flat or part of larger building divided up then the freeholder will be liable for buildings insurance, not you. Even if you have a share of the freehold, the management organisation will have taken out insurance.


It's not possible to insure just a part of a whole building in these situations. Any money you spend on a policy will be wasted as it won't be valid if you tried to claim.

davidmcn

Mutton_Geoff wrote: »

If it's a flat or part of larger building divided up then the freeholder will be liable for buildings insurance, not you. Even if you have a share of the freehold, the management organisation will have taken out insurance.

It's not possible to insure just a part of a whole building in these situations. Any money you spend on a policy will be wasted as it won't be valid if you tried to claim.

This is Scotland, there's no "freeholder". Pretty commonplace and competent for each flat owner to have their own insurance.

dennishopper

Successful with building insurance, the rebuild value was a whopping x4 times the home report value. Thanks for all of the advice.

Utilities... gas / electricity was with a company called Boost! I’ve called to advise I’ve moved in, they have sent up a ‘PAYG’ account for me. I’m guessing straight away they aren’t the cheapest? If so, is it an easy process to switch to a different provider? There is also a smart meter type device in the house that shows the amount used! Not sure how this works! Boost said it is separate, all very confusing