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House Insurance on Exchange
iKarlCPFC
Posts: 36 Forumite
Hi Guys,
We exchanged today and I've been told I now need to get the house insurance started.
I am with Admiral for Car Insurance so I can get put on the same policy with a MultiPolicy discount which is great but they've just said the completion needs to be within 30 days of the exchange, has anyone experienced this before? I could go with another provider but this is considerably cheaper than anywhere else I've looked. Do I need to say anything to them in particular to make this happen today? I am a FTB so this is all new to me.
Cheers
0
Comments
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What's your completion date? Is it within the 30 days?0
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Put simply:a. the vendor (V) must insure until at least exchange of contracts;b. the purchaser (P), you, must insure from at least completion; butc. as to the intervening period, the Contract itself should say who insures. There's no point both V and P insuring for it!V must hand over the property, on completion, in exactly its state and condition as it was on exchange.So V usually insures for the intervening period, to be on the safe side.As long as V is legally obliged to do so (see Contract), you really ought not to. Tell your insurer.0
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P is legally committed to purchasing the property. The mortgage lender has a financial interest in the property providing adequate security for the monies to be advanced. P has no control over the actions of V.Jeffrey_Shaw said:c. as to the intervening period, the Contract itself should say who insures. There's no point both V and P insuring for it!0 -
The lender has no interest in the property unless and until completion happens. And if it's been materially damaged, they're not likely to allow completion to happen.Thrugelmir said:
The mortgage lender has a financial interest in the property providing adequate security for the monies to be advanced.Jeffrey_Shaw said:c. as to the intervening period, the Contract itself should say who insures. There's no point both V and P insuring for it!0
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