Why do I have to insure the house I have exchanged on to buy?

[faraday]

Actually, I haven't exchanged- wish we had!- but I understand I must insure it (bricks and mortar) the moment we exchange- why? Surely the owner still has it insured?

Our solicitor wrote in the contract that THEY would continue to insure the property, as did littlefish's solicitor it appears.

So it seems that you CAN contractually 'opt out'? Surely if the vendors have agreed to that they are contractually obliged to keep paying the insurance and will be in breach of the contract should they choose not to do so?

It is a good point and one I will check with our solicitor so thank you for raising it!

Faraday, please just go ahead and insure the house! Your are spending so much money on this transaction, what's another 100 or so pounds? Assuming it's even that much. Surely at this point, you have a far greater interest in this property than the vendors who are committed to moving out in a few months. Regardless of what the contract says, where are you going to live in the meantime if the house does burn down and turns out to be uninsured? It will take years for the various parties to fight something like that out in court.

the point is, faraday, no one has to insure a house at all, its entirely optional in the first place. I very much doubt your solictor can MAKE them insure the property. I wouldnt take the risk, and given what is said on her about solicitor's f*ck ups, i certainly wouldnt trust my solicitor either for the sake of £100.

We are meant to be exchanging this week, completion 17th Oct, positive vibes please!!!

Insurance is compulsory if the property has a mortgage.

brettgirl yes you are right i forgot - they are the only people who can force you to mortgage but F doesnt have one ( cash buyers right? oh to be mortgage free...

But it's her vendors who still own the house - do they have a mortgage?

Yes, they do have a mortgage- but I don't know the details of it!

I am off work tomorrow so I will call our solicitor to discuss in greater detail. In the interim, I shall go and sit on their front lawn with a fire extinguisher to hand!!