How can I get this in time? Buildings Insurance proof requested

[ICEQUEEN20]

I have been asked by my solicitor to let them see a buildings insurance document to prove that the new home we are buying is going to be fully covered etc. Before we exchange contracts (This Friday). I am surely only going to be able to get a quote? No insurance company will send out an actual policy, only quotes effective from when or if we actually move in (anybody in the chain could pull out before exchange). Solicitors want a letter of confirmation that it is indexed linked and covers loads of things like flood, storm, theft etc etc. I dont understand why they want this though, even if I give the solicitors a quote/document from the insurance Company it does not necessarily mean I am actually going to go with that quote or company when I take out the actual real policy does it.. so what is the point ?

[joggerjayne]

The solicitor will only need proof of buildings insurance if you are getting a mortgage.

If you want to buy a house and not insure it, you can do ... but a mortgage lender will not lend against an uninsured property.

BUT ... the policy does not need to be in place until completion ... when the Lender forwards the mortgage advance.

If you are getting a mortgage, you presumably have a mortgage offer already. Most buildings insurers are familiar with the requirements of the various Lenders. Speak to an insurance broker, and say ...

You are exchanging on Friday.
The proposed Completion date is (whenever).
You need a quote for a buildings insurance policy for (whichever Lender).
You need confirmation that the policy can be in force by the Completion date.

And don't panic ... this is not an unusual situation.

J x

[joggerjayne]

ps.

And no ... you don't even have to go ahead with the same policy. You can change your mind between Exchange and Completion, as long as the policy to which you move also satisfies the Lender's requirements.

[4getmenot]

have you actually tried calling and asking insurance or just given up already. I did it with ing ins. They can do it.

[ICEQUEEN20]

Thank you JoggerJayne, thats where I was confused I thought they were expecting me to pay for the new insurance up front, because as you say I could cancel it at any time. Forget me knot - I came home from the letter from my solicitors last night, so am going to ring me current insurance company and ask them to send me something, hopefully by fax or email maybe if they will. My solicitors say in the letter "ideally before exchange of contracts". Thanks

[joggerjayne]

de nada