Longridge: 01772 783314 | Garstang: 01995 602129 | Lancaster: 01524 581306 
 
Longridge: 01772 783 314 
Garstang: 01995 602 129 
Lancaster: 01524 581 306 

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. 

Why choose MG Legal? 

Our fees start from £250 
We offer fixed fees with no hidden extras 
All of our property team are qualified solicitors 
MG Legal are leading property experts 
You will deal with one person from instruction to completion 
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