Soldato
My understanding is that you need to have home insurance in place with effect from the date of the exchange rather than the date of completion - in fact it may well be a requirement of your mortgage!
The nervous wait to exchange....
- Thread starter noj
- Start date
I'm buying a leasehold - Does that mean I only need to get contents insurance?
Leasehold is for the land the house sits on isn't it? Pretty sure you need full home insurance because in the event the property burns down inbetween now and completion my understanding is that is on you. This should all have really been in your solicitors report and advised by your mortgage advisor.
Cool thanks, I'll get on it right now then!
Soldato
Is it a flat? If so, you should have been given information on what insurance is in place by the landlord/management company. This would be buildings insurance that covers the whole building including the individual flats. You wouldn't need to arrange buildings insurance separately.
If it's a leasehold house it's less likely to have insurance in place by the landlord but some still do especially older ones.
Best to double check, but insurance should be in place from exchange.
It's a top floor Maisonette with a 999 year leasehold. After doing some reading, it looks like it is my responsibility to get the home insurance now rather than after I complete.
Ye
With a lease that long, it sounds like it’s shared freehold but regardless - get the insurance in place now
With a lease that long, it sounds like it’s shared freehold but regardless - get the insurance in place now
You have a few options here.
1. You can pay the extra cash which obviously you don't want to do
2. You can check what type of valuation the bank did. Sometimes they use models to value the house without even visiting the site. Sometimes they just do drive by valuations without going in. Ask if it can be revaluated (subject to a fee paid by yourself again) fully with access to internals etc. However there is no guarantee this will change the valuation.
On another note - my mortgage offer came through today - great!
Searches due in tomorrow. Conveyancer thinks we can exchange in 2 weeks time if the gods are good!
Soldato
Several here too. Thought it was a coincedence but clearly not.
Permabanned
The down valuation thing is quite interesting, possibly housing market dropping off?
Recently purchased a second house, all went fine, solicitors were great, no delays, bit of back and forth on the price, done.
Recently purchased a second house, all went fine, solicitors were great, no delays, bit of back and forth on the price, done.
Permabanned
Knowing my luck - After just buying a property - It will take a dive very shortly
Doesnt matter too much so long as its a long term thing and can afford it.
Soldato
The valuation was part of a homebuyers report so he also had access to view internals and reported on any defects (of which there arent any hugely detrimental defects). I've advised them I will cover some of the difference but not all so ideally we would meet someone in the middle. If they arent willing to do that then I will look at another lender and see what valuation they give it.
I did see the report on BBC this morning so it may be lenders are telling surveyors to be cautious?
Associate
All outstanding queries answered.. Just waiting on a completion date 
Soldato
Completion set for the start of next month, the total process will have taken 4 months which was stretched out by a month due to equitable charges on the property. Glad to be near the end of this so I can get in a rip it apart.
I'm too nervous as a FTB with no current utilities to sign up to an internet provider pre-completion incase it mucks everything up, am I being unreasonable?
I don't really want to wait 2 weeks for internet once moved in, but also don't want to risk the 35k deposit
I don't really want to wait 2 weeks for internet once moved in, but also don't want to risk the 35k deposit
Soldato
Why would you be nervous? You can just cancel the contract with BT/provider if anything fell through. Not sure why you'd risk the deposit?
I don't really want the bank to have a reason to withdraw the mortgage offer. I'll research tonight if anyone has ever had an offer withdrawn just because of signing up to an internet package
Quite baffled really. What reason can you possibly think of for them to do so? I have engaged Virgin who are digging up the street in front of my house to provide me with service and I only complete in October. Sooooo, yea. Ccrack on!I don't really want the bank to have a reason to withdraw the mortgage offer. I'll research tonight if anyone has ever had an offer withdrawn just because of signing up to an internet package