Floody hell – don’t forget the insurance!
One couple’s flooding nightmare is a salutary lesson for anyone moving home.
James and Daisy Callahan faced a £50,000 bill after a frozen pipe burst in their new house in the period between ‘exchange’ and ‘completion’.
The Brighton couple are concerned that the requirement to insure at exchange was not explicitly flagged up to them.
In an article with the Guardian, they have warned other housebuyers to make sure they are insured at exchange and read all of the small print.
The period between exchange of contracts – when the transaction is legally binding – and completion with the handover of keys can be a nervous time but it is very rare for something to go wrong.
The standard Law Society conveyancing contract requires the purchaser to insure the building on exchange.
Although time-consuming, it is worthwhile reading all the paperwork you receive during your sale or purchase.
At Chinneck Shaw, our job doesn’t stop with a successful offer on a property; we’re on hand to help make sure the sale goes through as smoothly as possible.
Our friendly team is happy to talk through any queries or concerns with you.
Read the Guardian article here https://www.theguardian.com/money/2018/jul/28/buying-home-insurance-exchange-completion for more details.