Getting Building insurance ready??

zeeww_2

hi...
i am expecting to exchange in the next week or so....so when do i actually purchase the building and contents insurance?

i am buying the insurance online, so i presume i have to send my solicitor the insurance details once i purchased them, but i am wondering when should i purchase it in order not to cause delay to the exchange date?

thanks!

~Beanie~

Why would your solicitor be interested in your insurance? I didn't tell my solicitor when I bought my house and it certainly didn't cause any delay to the exchange process. Also, wouldn't you be trying to get insurance on someone else's property since you wouldn't actually own it at that point?

My mortgage company were more interested in making sure I had buildings insurance but since I took it out with them anyway, they were aware that I had it.

To answer the actual question, if you are intending to buy it online then surely you can do it the same day as you exchange as you are usually covered immediately.

amandajp_2

zeeww wrote: »

hi...
i am expecting to exchange in the next week or so....so when do i actually purchase the building and contents insurance?

i am buying the insurance online, so i presume i have to send my solicitor the insurance details once i purchased them, but i am wondering when should i purchase it in order not to cause delay to the exchange date?

thanks!

When I bought my first house my mortgage company insisted on seeing evidence of my buildings insurance being in place before exchange so (if I remember correctly) I had to fax confirmation on the day before exchange. Its probably best to check with your mortgage company. If you know your exchange date in advance (and can be fairly confident its going to happen) you can buy your insurance at any point before exchange with your exchange date as your start date but obviously the risk is that if exchange is delayed you will be paying for insurance for no reason so best to wait until as close to exchange as possible.

HTH
Amanda

zeeww_2

what i meant was my solicitor told me my lender insisted to see the building insurance is in place before exchange, so i'd have to purchase it online, then send a copy of the insurance to my solicitor so that she can send it to the lender to ensure they release the money for exchange. (from my previous conversation with my solicitors, i have a feeling that my exchange and complete date might be the same, i am buying a new build)

i will ask my solicitor for the exchange date, and will buy the insurance a day or 2 before, and hope that will be ok for the lender.