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.
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