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Buildings Insurance between Exchange and Completion - who's responsibility?
What_time_is_it
Posts: 919 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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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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It is prudent for both to insurer it as the buyer is committed to buy whatever happens to the building but if they disappear into the night you are left with a burnt out shell and only their deposit to try and fix it.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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Whats your plan for after selling? many will transfer their policy to their new property.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 -
It's an inherited property and it's currently empty. We have our own house.DullGreyGuy said:
Whats your plan for after selling? many will transfer their policy to their new property.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 -
So when shopping around make sure you ask the cancellation fees, before buying, and factor that in when deciding who to go with.What_time_is_it said:
It's an inherited property and it's currently empty. We have our own house.DullGreyGuy said:
Whats your plan for after selling? many will transfer their policy to their new property.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 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA 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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It's not sneaky at all, the same cancellation fees can apply during the cooling off period as after it. Any new policy you had bought instead of renewing would have had a cooling off period.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 -
But presumably, cancellation would than mean that you weren't actually covered during those 14 days. So, as @EssexHebridean says, if a problem subsequently arose that had occurred during those 14 days, there would be no cover in place at all?DullGreyGuy said:
It's not sneaky at all, the same cancellation fees can apply during the cooling off period as after it. Any new policy you had bought instead of renewing would have had a cooling off period.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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