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Insuring a new build

Discussion in 'Personal' started by minnie me, Jul 13, 2020.

  1. minnie me

    minnie me Star commenter

    Son buying a new build ( ex showhouse). Due to exchange contracts / complete ? at the end of the month but won’t be able to move in til October ( when garage is built). I assume he is responsible for insuring the property from end of July ?
     
  2. Rott Weiler

    Rott Weiler Star commenter Forum guide

    His solicitor should be telling him when he has to start insuring the building but the general rule is that on completion of the sale it belongs to the buyer so the buyer has to insure it from that date (he may have to insure it from exchange - ask the solicitor). It's irrelevant when the buyer moves in and irrelevant whether it's new build or not.
     
  3. minnie me

    minnie me Star commenter

    Excellent . Thank you
     
  4. littlejackhorner

    littlejackhorner Occasional commenter

    Also, tell your son to make sure he gets empty buildings insurance. You tend to have to use specialist brokers for it and there are usually conditions attached- like visiting the property once a week and maintaing the temperature. You can get this for shorter periods than 12 months.
     
    agathamorse, border_walker and Lalad like this.
  5. Doitforfree

    Doitforfree Star commenter

    And it hardly covers anything.
     
    agathamorse and Lalad like this.
  6. Lalad

    Lalad Star commenter

    Not totally irrelevant - if the property is unoccupied, it requires a different type of policy and/or special conditions may be attached.
     
    agathamorse and border_walker like this.
  7. Rott Weiler

    Rott Weiler Star commenter Forum guide

    I meant it's irrelevant to who is responsible for insuring it. Yes the owner will have to declare whether the building is occupied or not. Won't need a different type of policy but insurers typically impose additional exclusions on unoccupied buildings - excluding burst pipes eg
     
    nomad likes this.
  8. harsh-but-fair

    harsh-but-fair Star commenter

    When you say won't be able to move in until the garage is built - is that because it doesn't suit him to, or because the builders won't allow him to?
     
  9. minnie me

    minnie me Star commenter

    Sorry - no access rather .... as road needs to be built ?
     
  10. harsh-but-fair

    harsh-but-fair Star commenter


    I ask because I wonder if the house can be truly his if he is not allowed to access it?
     
  11. Doitforfree

    Doitforfree Star commenter

    I wouldn't be buying it if I wasn't allowed to move in!
     
  12. minnie me

    minnie me Star commenter

    My husband ‘s point
     
    agathamorse and littlejackhorner like this.
  13. littlejackhorner

    littlejackhorner Occasional commenter

    Maybe different areas of the country have different requirements but when my mother in law moved out of her house we had to find a specialist insurer as no one through the comparison sites would insure it.
     
  14. Rott Weiler

    Rott Weiler Star commenter Forum guide


    Comparison sites can only really cope with standard cover needs. You need to contact a broker or insurer direct if you need anything a little different. How long it will be empty is the thing that makes the difference.

    More puzzling to me is why anyone here could be expected to know the answer to the question about when OP's son is required to insure the house. It'll depend on the contract (contents unknown to us) and that's what you pay a solicitor for. To tell you when your insurance has to start.

    I guess there's a back story about why OP's son is completing in July but unable to physically get road access to the house until October. Presumably the war has caused delays in the contractor carrying out the road building but even so I'd be saying I didn't want to complete until there was road access.
     
    littlejackhorner likes this.
  15. Lalad

    Lalad Star commenter

    It is possible - and used to be very common - to exchange contracts with a completion date weeks, or even months, in the future. Perhaps this is what OP's son is doing?

    Last time I moved, we exchanged and completed on the same date which was incredibly stressful!
     
    Last edited: Jul 13, 2020
  16. minnie me

    minnie me Star commenter

    Thanks to all. He tells me he is not bothered about the road situation.He knows the score . He is desperate not to lose the house. I think the builder wants to tie things up ASAP ( as they do ? ) and my son’s cash buyer has a date of 21st August to complete ? He works away but will be staying with us at the weekends . I suspect he is looking at an opportunity to save before his / their new mortgage kicks in ? So October is not so bad in his eyes ?

    I feel for anyone in property purchasing mode. I have mini panic attacks at the thought of the process but thousands of people do it everyday so ....
     
    Rott Weiler likes this.
  17. Rott Weiler

    Rott Weiler Star commenter Forum guide

    Ah, that makes sense why your son is keen to complete even without a completed road
     

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