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WARNING - Insurance from exchange of contracts
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Noneforit999 said:Our solicitor informed us it was our responsibility to insure between exchange and completion, it was written in one of the documents....which I read.
The majority of responsible solicitors have always advised to put your own insurance in place at exchange as regardless of the legal requirement, it can solve major issues in situations like this. I have a feeling that at least some lenders have also insisted on this for longer than the last 11 or so years too - I'm sure we had to ensure that our lender had sight of the block policy when we bought back in 2003.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her1 -
EssexHebridean said:Noneforit999 said:Our solicitor informed us it was our responsibility to insure between exchange and completion, it was written in one of the documents....which I read.
The majority of responsible solicitors have always advised to put your own insurance in place at exchange as regardless of the legal requirement, it can solve major issues in situations like this. I have a feeling that at least some lenders have also insisted on this for longer than the last 11 or so years too - I'm sure we had to ensure that our lender had sight of the block policy when we bought back in 2003.- she was probably just checking that I was paying attention!
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Flugelhorn said:EssexHebridean said:Noneforit999 said:Our solicitor informed us it was our responsibility to insure between exchange and completion, it was written in one of the documents....which I read.
The majority of responsible solicitors have always advised to put your own insurance in place at exchange as regardless of the legal requirement, it can solve major issues in situations like this. I have a feeling that at least some lenders have also insisted on this for longer than the last 11 or so years too - I'm sure we had to ensure that our lender had sight of the block policy when we bought back in 2003.- she was probably just checking that I was paying attention!
Buyers not reading instructions and advice from the solicitor and assuming it's on completion3 -
We couldn’t exchange until we showed proof to our solicitors that we had got insurance0
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Our solicitor said we needed to have insurance when we exchanged. As we exchanged and completed at the same time (moving rental to new build) this was quite informal and I think I sent the paperwork a few days after.Is the house ex-rental, because if the seller lives there I cannot think they wouldn't have some liability?This might not be correct advice but I would be sending a formal letter to them and suggest maybe they needed to accept responsibility and claim on their insurance because of their carelessness. (I'd be far ruder because I'd be peeved).May you find your sister soon Helli.
Sleep well.0 -
When I brought my house my solicitor actually wanted a copy of the insurance that I took out at exchange of contracts.
I guess doing that ensures their buyers are actually getting the insurance.0 -
SaverRate said:When I brought my house my solicitor actually wanted a copy of the insurance that I took out at exchange of contracts.
I guess doing that ensures their buyers are actually getting the insurance.0 -
Flugelhorn said:SaverRate said:When I brought my house my solicitor actually wanted a copy of the insurance that I took out at exchange of contracts.
I guess doing that ensures their buyers are actually getting the insurance.1 -
I take it that 5.1.4 of the standard conditions does not apply in this case?No reliance should be placed on the above! Absolutely none, do you hear?0
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Hi OP
Sorry re your daughter and people can forget but its the solicitors always reminding us or doing the insurance for us.
Good luck and thanks for those this post may be a head-up for0
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