House Sale - Buyer's Solicitor Requesting Information

[RGG]

House Sale

Is it routine for the buyer's solicitor to request a copy of the seller's building insurance?

Were you asked or not asked for this information?

Our last house was in 1989 and we made a painted sign fixed to some 2x2 to advertise, so we are a bit out of date with current practice.

Thanks

[CHLEMCBC]

Is it an issue to provide it?

[Mr_J]

Not in my experience. The last house we sold was 3 years ago.

I'd be questioning why they want a copy before I provided it.

[Quags]

Quite normal

[RGG]

Mr_J said:

Not in my experience. The last house we sold was 3 years ago.

I'd be questioning why they want a copy before I provided it.

Thanks -

[RGG]

Quags said:

Quite normal

Thanks

[OutInTheShed]

Is it still normal for the buyer to insure the house from exchange of contracts?

I never fully understood this, the house is doubly insured for a while.
Perhaps checking the vendor has good insurance up to completion isn't a bad idea?

[Flooble]

OutInTheShed said:

Is it still normal for the buyer to insure the house from exchange of contracts?

I never fully understood this, the house is doubly insured for a while.
Perhaps checking the vendor has good insurance up to completion isn't a bad idea?

Because once you have exchanged you are committed to purchase. if the place burns down, you are still buying it for the price that was agreed. So you need some insurance to cover you for the shortfall if all you are getting is a pile of rubble. It's not the vendor's problem after exchange, it's yours.

[Little Lofty]

I’ve never been asked for it but they ask for all sorts these days, I think its often just a delaying tactic, so your file can go back to the bottom of the pile for a few more weeks.

[Badda]

Little Lofty said:

I ve never been asked for it but they ask for all sorts these days, I think its often just a delaying tactic, so your file can go back to the bottom of the pile for a few more weeks.

How would that benefit them?

[Sheepshanks]

Badda said:

How would that benefit them?

As he said, delaying things.

In my daughter’s case, final straw in sequence of daft questions was being asked for copies of water bills, even though they knew house was on a meter. Her solicitor was going bonkers.

It was to wear her down in a softening market and then offer £20K less at the point of exchange. Buyer’s solicitor was her sister.

Edited by Sheepshanks on Wednesday 16th July 18:55

[rlg43p]

One reason for the check may be to see whether the seller’s insurance company has applied a loaded excess for issues such as subsidence.
We’ve experienced some minor subsidence ourselves, so I’ve explored this topic in more detail. A prospective buyer might ask whether your property has previously been affected by subsidence, and whether your insurer has imposed a higher excess as a result. This loaded excess can sometimes be an obstacle when it comes to securing a mortgage.

[mattvanders]

Normal I would say, when we bought we had to get insurance on the property as well as the bases if something would happen to it while in the process of sale but not the full completion (between exchange of contract and exchange).

[Caddyshack]

I’m in the business and yes it’s perfectly normal as per the explanations above.