MG Legal Solicitors 
Longridge: 01772 783314 Garstang: 01995 602129 Lancaster: 01524 581306 Lytham: 01253 202452  

When should I incept my buildings insurance? 

Your buildings insurance should be placed ‘on risk’ from the point of Exchange of Contracts. This is because Exchange if Contracts, also known as the point of no return, makes the transaction legally binding. Essentially, you are, therefore, legally bound to purchase the property on the date agreed in the Contract. If, in the unfortunate event that there was to be an issue, for example a fire, you would still be required to proceed to Completion of the purchase, despite its state. Insurance should, therefore, be in place from this point, to cover in all eventualities. 
Where purchasing with the assistance of a mortgage, your conveyancing solicitor will require sight of your proposed insurance schedule, prior to Exchange of Contracts. This is to confirm that the same adequately meets the requirements of your lender. 

Get in touch and talk to an expert property conveyancing solicitor today. 

MG Legal's expert property solicitors are experienced in dealing with all aspects of residential and commercial property sales, purchases and disputes. 
Our property solicitors understand that buying or selling a property is an extremely exciting time, but can also become overwhelming. Keep the process hassle-free, and leave the conveyancing to our conveyancing experts, who will guide you through the process in a no-nonsense way. 
MG Legal allow you to focus on the excitement of your new home, with the help of our friendly team who work with you, not just for you. 
Our site uses cookies. For more information, see our cookie policy. Accept cookies and close
Reject cookies Manage settings