Buildings Insurance on Exchange?

[philmots]

We'll be exchanging on our move probably mid to late July, but with a completion date of 1st Sept (high buy out fee with current mortgage)

I'm sure I heard somewhere that I need insurance in place on the new property on exchange of contracts, is this correct?

Thanks

[Heres Johnny]

philmots said:

We'll be exchanging on our move probably mid to late July, but with a completion date of 1st Sept (high buy out fee with current mortgage)

I'm sure I heard somewhere that I need insurance in place on the new property on exchange of contracts, is this correct?

Thanks

Yes - just buildings insurance, should be relatively cheap.

[Robertj21a]

philmots said:

We'll be exchanging on our move probably mid to late July, but with a completion date of 1st Sept (high buy out fee with current mortgage)

I'm sure I heard somewhere that I need insurance in place on the new property on exchange of contracts, is this correct?

Thanks

Yes, because you are committed to purchase from that time (unless you then want to extricate yourself, at great cost)

[TA14]

Heres Johnny said:

philmots said:

We'll be exchanging on our move probably mid to late July, but with a completion date of 1st Sept (high buy out fee with current mortgage)

I'm sure I heard somewhere that I need insurance in place on the new property on exchange of contracts, is this correct?

Thanks

Yes - just buildings insurance, should be relatively cheap.

Often free

[Tomo1971]

We moved last November, we called our insurer to get a quote for new place and they said that as they know we are moving and we had already completed (missives in Scotland) they would cover us at no charge for both properties.

As it happened, although the new house was bigger, the insurance premium went down, yet still had the buildings cover on both properties.

Give your insurance a call - you will probably find its either free, or very cheap.

[philmots]

Thanks, yeah no worries on cost it's pretty cheap.

I'm with AXA at the minute, I'll give them a call closer to exchange, anyone got experience of them in this situation?

[ladderino]

Yes, Axa was fine. I think I just switched my existing policy with them to the new house, and they then covered both properties until we moved.

Check your policy documents though, as this was a while ago now.