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Buildings Insurance between Exchange and Completion - who's responsibility?
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What_time_is_it
Posts: 868 Forumite

We are selling a house and nearing exchange and completion. The property is vacant and we have appropriate vacant buildings insurance in place. However, this runs out on Sunday. We are likely to complete the sale at the end of next week, and we may well exchange contracts tomorrow.
Who is responsible for paying for the buildings insurance from Monday onwards?
Who is responsible for paying for the buildings insurance from Monday onwards?
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Comments
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Regardless of what the buyers do you should ensure you have the property insured IMO."You've been reading SOS when it's just your clock reading 5:05 "1
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What_time_is_it said:We are selling a house and nearing exchange and completion. The property is vacant and we have appropriate vacant buildings insurance in place. However, this runs out on Sunday. We are likely to complete the sale at the end of next week, and we may well exchange contracts tomorrow.
Who is responsible for paying for the buildings insurance from Monday onwards?1 -
Thanks for the replies. That is also my thinking at the moment. It is frustrating that we need to renew a policy for just a few days, but probably necessary.0
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What_time_is_it said:Thanks for the replies. That is also my thinking at the moment. It is frustrating that we need to renew a policy for just a few days, but probably necessary.0
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DullGreyGuy said:What_time_is_it said:Thanks for the replies. That is also my thinking at the moment. It is frustrating that we need to renew a policy for just a few days, but probably necessary.
We will cancel the policy. Probably after about 1 week!0 -
What_time_is_it said:DullGreyGuy said:What_time_is_it said:Thanks for the replies. That is also my thinking at the moment. It is frustrating that we need to renew a policy for just a few days, but probably necessary.
We will cancel the policy. Probably after about 1 week!1 -
I was a little sneaky when I renewed our contents insurance on our flat last year. The renewal was just over a week before we moved. I left it to the last minute (which I wouldn't usually do) meaning I was then in a position to simply cancel under the 14 day cooling off period once we had actually moved. As I say - that was contents only though - I'm not sure I would have taken the same approach had it been buildings, in case anything surfaced retrospectively...🎉 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/her0 -
Nobody HAS to have insurance cover (although mortgage offer may demand it) but you'd be mad not to have it0
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EssexHebridean said:I was a little sneaky when I renewed our contents insurance on our flat last year. The renewal was just over a week before we moved. I left it to the last minute (which I wouldn't usually do) meaning I was then in a position to simply cancel under the 14 day cooling off period once we had actually moved. As I say - that was contents only though - I'm not sure I would have taken the same approach had it been buildings, in case anything surfaced retrospectively...0
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DullGreyGuy said:EssexHebridean said:I was a little sneaky when I renewed our contents insurance on our flat last year. The renewal was just over a week before we moved. I left it to the last minute (which I wouldn't usually do) meaning I was then in a position to simply cancel under the 14 day cooling off period once we had actually moved. As I say - that was contents only though - I'm not sure I would have taken the same approach had it been buildings, in case anything surfaced retrospectively...
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