House sale and purchse - when to hand over keys?

[TulipsInBloom1]

Probably a daft question!

I know I need to leave the house once funds have cleared from our buyers. Do I take the keys then, or do I wait for confirmation that my purchase has also gone through?

Ive been warned that some solicitors put the money on the market for 24 hours and delay the next step in the chain - please tell me this is nonsense!

I absoloutley do not want to find myself homeless for the night!

DisgraceToTheYChromosome no, that's perfectly normal. From exchange the responsibility for the building becomes yours. Neither you, nor your sellers can pull out at that time. If something happens due to their negligence (for example they leave a tap on and the sink overflows) your insurance will reclaim off them.

If you are selling a property then at exchange your buyers will have insurance for your house. You'll still need contents insurance at your current address though.

I'm surprised your insurance company are surprised as it's totally normal practice and usually stipulated by the mortgage company.

Question: we have finally got the purchase contract. Our solicitor requires we insure the building from exchange, not completion. First off, our insurance company wasn't over thrilled, and second, why are we bearing a risk that surely the current owners should be carrying?

This is COMPLETELY normal and I’m amazed at your insurance company

As overagain says, from the point of exchange you are obliged to purchase the property. If it burns down before you complete, you would still need to purchase it (or face penalties). Therefore you carry risk too

I’d be looking at a different insurer if I were you... they clearly don’t know what they’re talking about

Absolutely normal unfortunately. I agree it seems ridiculous though.

I agree it seems ridiculous though

Seems it, but it isn't really. You are legally obliged to buy the house after exchange, no matter what. So if it burns down, you have to buy it. There's no obligation for someone to have insurance on a house they own (unless stipulated in the mortgage, but not everyone has a mortgage) so you'd be in the shit if you didn't and they didn't. This way at least the responsibility is set out clearly.

Thanks for that folks. What the insurers quibbled over was that the property would be occupied by the sellers, and it was only when I told them it was already vacant that they agreed to quote me.

Disgrace it's in the Law Society Standard Conditions of Sale that all firms in England and Wales use.

OP your removals company will tell you the timings they're working on based on property size. Ours loaded, waited until I got the keys, then we drove over. They said they would charge per hour if they couldn't start unloading by a certain time but actually gave us 30 minutes leeway.

Solicitors have not requested our redmemption statemebt correctly meaning anotger 5 day delay.

I am RAGING. Iv insisted solicitors liaise with bank today to resolve the issue and that we are moving thursday regardless.

Thanks for that folks. What the insurers quibbled over was that the property would be occupied by the sellers, and it was only when I told them it was already vacant that they agreed to quote me

They shouldn’t be quibbling if the property is still occupied (as is normally the case!)

You are only taking out buildings insurance, not contents. The sellers insurance would not cover you in the event of, for example, a fire.

I’m honestly surprised your insurer is remotely questioning this!

Sorry to derail, OP... you must be very frustrated. Hope you get sorted soon.