Exchange and buildings & contents insurance etc.

PL800

We're about to exchange on our first property, and the seller's want to complete in a couple of weeks, however we can't put in our notice on our rented flat until early next month, so we'll be staying there and moving during the month (going to be a tight month with rent & mortgage to pay!). We'll need to get buildings insurance on exchange, but is there a way of transferring the contents insurance - which will be with same insurer - when we actually move into the property?
Also, what happens with gas & electric suppliers? As we'll probably just use the seller's suppliers until we move.
We seem to be nervous about everything at the moment, people keep saying we should be excited!

AdrianC

Talk to your insurers. They'll have come across the situation before.

As for utilities - you'll automatically take over the existing suppliers, but without any lock-in, and almost certainly on a lousy tariff. Most people would start to look around immediately.

eddddy

You can ask your current insurer if they have some kind of 'transfer' scheme, or if they'll offer you some kind of deal for building and contents insurance at your new property (e.g. maybe they'll waive the cancellation fee on your current policy). But there's no guarantee that your current insurer will offer you a good deal. You might find a better deal simply by going to the comparison sites.

For gas and electricity, take meter readings on completion day (and maybe take photos of the meter readings as extra proof) and phone the current suppliers with your details and readings within a few days. Then you can look at changing suppliers, if you want to.

ThePants999

Gas & electric: initially, you have no choice but to use the seller's suppliers, you need to call and set up an account with them after completion. However, you should start the switch process to your preferred supplier ASAP.

If you have an exit fee with your current supplier, and you switch the new property to them, they'll probably waive it.