Reply to: House insurance question

[TheCyclingProgrammer]

So nobody has seen a list of which insurance companies will send the certificate out as a pdf the same day?

As many wont thats all I need really

I don't think you will get a certificate of insurance until the policy starts.

Your policy cannot start before the exchange date as you have no insurable interest in the property until that date.

You need to take out a policy with a start date of the expected exchange date, get them to send you confirmation that this policy has been ordered and due to start on that date and send that to your solicitor. That should be enough.

If the exchange date changes, you can change the start date of your policy.

[ContrataxLtd]

Good luck if you do. While this used to be widely available that's not the case anymore.
Most mortgage companies will say no, as they'll need time to prepare and release the funds between exchange and completion - mostly 5 days.
I wanted to e&c sameday after my vendor had been delaying and it's just not possible anymore.

Just depends on the mortgage company, most of them have a department for urgent completions i.e. within 24-48 hours so it is possible you just need to know who to deal with in such a situation.

[WTFH]

i know

just going to be short of time while its all going on

OK, so have we explained to you how you get house insurance that starts in the future?

[CoolCat]

My sneaking suspicion is that the OP doesn't realise there is a difference between exchange and completion. Hopefully they have gone for a decent solicitor and not www.CheapestSolictorsICouldFind.co.uk

i know

just going to be short of time while its all going on

[WTFH]

Good luck if you do. While this used to be widely available that's not the case anymore.
Most mortgage companies will say no, as they'll need time to prepare and release the funds between exchange and completion - mostly 5 days.
I wanted to e&c sameday after my vendor had been delaying and it's just not possible anymore.

My sneaking suspicion is that the OP doesn't realise there is a difference between exchange and completion. Hopefully they have gone for a decent solicitor and not www.CheapestSolictorsICouldFind.co.uk

[OwlHoot]

Are you talking about buildings insurance? Then it's important you have but not necessary for purchasing. Just make sure you get it in the coming months.

This is misleading nonsense (although things may differ in Scotland).

After exchanging contracts on a property in England, you have a 10% (or whatever percentage was agreed) stake in the house.

Your stake should be insured right away, from the date of exchange, because from that date the owner's insurance will pay them only 90% of the cost of any claims and you, if not insured, would be liable for the rest!

[Forgotmylogin]

Now, my question to you is: do you plan to exchange and complete on the same day, or exchange before completion?

Good luck if you do. While this used to be widely available that's not the case anymore.
Most mortgage companies will say no, as they'll need time to prepare and release the funds between exchange and completion - mostly 5 days.
I wanted to e&c sameday after my vendor had been delaying and it's just not possible anymore.

[WTFH]

So nobody has seen a list of which insurance companies will send the certificate out as a pdf the same day?

As many wont thats all I need really

So, you mean you don't want to organise the insurance before hand so you have the paperwork a few days before the insurance becomes active?


You will need to know the exchange date several days before exchanging, because the mortgage company has to release the funds. If you find out on Monday 13th June that the exchange date is going to be Friday 24th June, then on Monday 13th June you get the insurance. When you are buying the insurance on 13th June they will ask you when you want it to start. You say to them "Friday 24th June". On 13th or maybe 14th June, the insurance company will send you the documentation. It will say the insurance starts on Friday 24th June.
And that's how you get insurance for a house before the day you exchange contracts.


Now, my question to you is: do you plan to exchange and complete on the same day, or exchange before completion?

[ContrataxLtd]

So nobody has seen a list of which insurance companies will send the certificate out as a pdf the same day?

As many wont thats all I need really

I would have thought most of the main stream insurers would, I know Tesco's certainly do as I've just renewed with them and got the renewal certificate in a matter of minutes.

[CoolCat]

So nobody has seen a list of which insurance companies will send the certificate out as a pdf the same day?

As many wont thats all I need really

[Support Monkey]

House insurance question
So I’m buying a house
Need insurance to start on exchange date which I don’t know yet
And need the mortgage company “named as an interested party” on the policy, according to mortgage offer letter
Ideally I want the certificate of insurance sent to me as a pdf so that I can immediately email it to the solicitor and not add a delay for it arriving in the post
So which insurance companies do certificate as pdf?
How easy is it to get mortgage company added as interested party (as none of the online quote engines mention this)
Can I buy insurance before I know the exchange or completion date?
Main issue is that I would like to get it sorted while I have time as I am likely to get exchange date confirmed over a few days when I will be very busy
Cheers

You need to sort out an expected exchange date with the vendor then buy the insurance on the basis of this date or the date of exchange, if it falls through you just cancel the policy, ok you might lose a few quid but better than messing around

on your other point about having the mortgage company named on the policy as an interested Party, In all my years of buying house insurance (the last one being this month) I have never heard of this, my understanding is that all the mortgage company need to see is the schedule of insurance, I have just remortgaged and that's all they wanted

[Emma Power Mortgages]

House insurance question
So I’m buying a house
Need insurance to start on exchange date which I don’t know yet
And need the mortgage company “named as an interested party” on the policy, according to mortgage offer letter
Ideally I want the certificate of insurance sent to me as a pdf so that I can immediately email it to the solicitor and not add a delay for it arriving in the post
So which insurance companies do certificate as pdf?
How easy is it to get mortgage company added as interested party (as none of the online quote engines mention this)
Can I buy insurance before I know the exchange or completion date?
Main issue is that I would like to get it sorted while I have time as I am likely to get exchange date confirmed over a few days when I will be very busy
Cheers

Providers like Aviva, direct line, payment shield will be most accommodating for this sort of thing probably best to call them directly and explain your requirements

[Forgotmylogin]

FFS.

Lots of people in this thread talking bollocks. Anyone would think that no-one ever manages to buy houses because surely they'd face the same issue.

Have you asked your accountant solicitor?
He'll tell you exactly what is required.

Before your mortgage company will release funds they will need to see that insurance is in place. Get your quotes, decide who you want to go with. Once you know the proposed exchange date set that as the start date. Job done.

[SueEllen]

yea but I dont know the exchange date yet, precise date depends on a lot of things outside my control, and I want the house asap so dont want to delay things messing around with insurance

Then no one can help you then.

When you buy a property both you and the vendor have an ideal exchange date. In reality this may be later.

So get in touch with the vendor, not the estate agent, and say what date do you "roughly think" we will exchange on? If they ask why explain about the insurance.

Estate agents are liars. They have a habit of telling both sides that if they don't move now the other will pull out. This is why you should be able randomly to talk to the vendor and vice versa without pressurising them. Also be aware that you may start getting letters at their house which can p*ss them off if you haven't and can't talk to them as you don't own the property.

[CoolCat]

Most companies will email the certificate of insurance on the day the policy is taken out. Are you finding this is not the case ?

yea a lot just want to post paper copy