The nervous wait to exchange....

[ubern00b]

Bit late to the party on this one as I didn't know it existed but now that I do I want to find out if I can use it. I will ask a financial expert but thought I would gauge response here first. I have a 20% HtB equity loan on my property. I plan to put savings away each month to be able to pay this off after the 5 year period (well, to help pay it off + re-mortgage). I was looking for the best return on my money and discovered Lifetime ISA's. I assume I am too late to use a lifetime ISA for this purpose now? Even though it is essentially being used to purchase my first house or at least contribute towards paying for it so technically within the rules... but not. Lol. Anyway, any advice is appreciated

 

[Skillmister]

Bit late to the party on this one as I didn't know it existed but now that I do I want to find out if I can use it. I will ask a financial expert but thought I would gauge response here first. I have a 20% HtB equity loan on my property. I plan to put savings away each month to be able to pay this off after the 5 year period (well, to help pay it off + re-mortgage). I was looking for the best return on my money and discovered Lifetime ISA's. I assume I am too late to use a lifetime ISA for this purpose now? Even though it is essentially being used to purchase my first house or at least contribute towards paying for it so technically within the rules... but not. Lol. Anyway, any advice is appreciated

Not a chance

I'm still surprised how many people don't have a HTB ISA/LISA. It's free money people, wake up!

 

[ubern00b]

Not a chance

I'm still surprised how many people don't have a HTB ISA/LISA. It's free money people, wake up!

Haha was worth a try

Free money if you know it exists. I didn't!

 

[gam3r]

Bah. It's all slowed to a crawl on my purchase.

Everything is in place from our side to exchange, however there are a 4-5 enquires remaining that the sellers solicitor needs to properly answer.

Question - I was asked to sign the mortgage deed, in the same letter I was asked to provide the buildings insurance policy. This is a bit weird as I don't yet have an exchange date so I can't apply for the insurance, unless I guess a future date and change it when I know it. Is this normal practice? I have asked my solicitor what to do regarding this also...

Anyone have any thoughts on this?

 

[dl8860]

Anyone have any thoughts on this?

It is a bit of a cart before the horse situation. I don't know if my paperwork was exactly the same, but I contacted insurers to get a quote and said I'll ring up much closer to the exchange date to confirm and put the policy in place. Let my solicitors know that was the case and all worked fine.

 

[Marky]

Anyone have any thoughts on this?

I won't be able to help much as I'm a First Time Buyer and between exchange and completion. But I was only asked for Building Insurance details once I had exchanged. Can't understand why they'd want you to get building insurance on a property that isn't legally yours yet...

 

[Irish_Tom]

Anyone have any thoughts on this?

It seems a bit odd. I've bought two properties and I didn't need to provide evidence of the buildings insurance for either of them.

They just said that we needed it to be active from the exchange date, but basically left it down to us.

I contacted our insurer to let them know we were moving house and they set it up so that the new place was covered from the day of exchange but our cars and contents stayed at the old address until the completion date, then everything transferred over.

 

[gam3r]

Thought so, I have asked my solicitor...however as usual, can't get them on the phone and are taking an age to reply to my mail...

 

[Skillmister]

Different firms will do it different ways. The actual CML Handbook says

6.14Insurance
6.14.1You must make reasonable enquiries to satisfy yourself that buildings insurance has been arranged for the property from no later than completion.

You should remind the borrower that they:

• Must have buildings insurance in accordance with the requirements of the mortgage contract no later than completion, and
• Must maintain such buildings insurance throughout the mortgage term.

so whether they just remind people to put it in place or go the whole hog and ask for proof is up to them.

 

[Marky]

What are you meant to send to the solicitor regarding Building Insurance?

I sent my solicitor who the company was and my policy number. I wasn't able to send them all the details because they told me they would be sending the details through the post (I assume they will be sending them to my new property...).

A little worried as I've not heard from my solicitor, and I'm meant to be completing tomorrow I've sent my solicitor an email to find out if everything is in place!

 

[Semple]

i've just been told by my letting agent it's 2 months not 1 we need to give notice to leave our current property. our solicitor told us today about 6 weeks until completion for the given situation.

now what do i do. already from today i will be renting and owning if the sale goes through smoothly, possibly sooner i've been told due to the situation of the sale.

i can't be homeless if this falls through as we've got pets and a couple living with us that would move from one house to the other.

i can't really be paying 2 months of rent on top of mortgage, so when should i risk it and give notice? difficult situation

I would ask your letting agent what law he's quoting that states it's 2 months, rather than 1. I suspect he's muddling up the fact that the landlord is required to give 2 months.

A few sites i've read state that the tenant must give "one clear tenancy period's notice", which for most people is 1 month.

To end a periodic tenancy, tenants must by law give one clear tenancy period’s notice in writing. This is usually one month (rent paid monthly) or a minimum of 28 days when the rent is paid weekly. This notice period MUST end on the last day of a tenancy period, in other words giving one clear and full tenancy period’s notice.

Periodic tenancy
(if you don’t live with your landlord)
1 month’s notice if you pay rent monthly
4 weeks’ notice if you pay rent weekly

If you have a periodic tenancy, you should give notice to your landlord equivalent to your rent period. For example, if you pay rent on a monthly basis, you will need to give a month’s notice of your intention to leave.

Have a read through your contract as well and see what is stated in there.

Anyone have any thoughts on this?

We got asked to do this, although not to date the form.

I guess it's one paperwork your solicitor doesn't have to faff about with when coming to put it all through. Perhaps @Skillmister can comment.

EDIT: NVM looks like he's answered before i could complete my post

 

[Raz]

What are you meant to send to the solicitor regarding Building Insurance?

I sent my solicitor who the company was and my policy number. I wasn't able to send them all the details because they told me they would be sending the details through the post (I assume they will be sending them to my new property...).

A little worried as I've not heard from my solicitor, and I'm meant to be completing tomorrow I've sent my solicitor an email to find out if everything is in place!

My solicitor contacted me this afternoon and said contracts had been exchanged and that I needed to provide a letter etc from the insurers confirming I had building insurance cover. Called them up and they sent the solicitor an email with the cover details.

 

[Marky]

My solicitor contacted me this afternoon and said contracts had been exchanged and that I needed to provide a letter etc from the insurers confirming I had building insurance cover. Called them up and they sent the solicitor an email with the cover details.

Bit worrying... I emailed my solicitor yesterday afternoon, asking if it was looking OK for today - got nothing back...

Planning on calling them in the morning to confirm that I’m due to get the keys today...

 

[alexakasloth]

What are you meant to send to the solicitor regarding Building Insurance?

I sent my solicitor who the company was and my policy number. I wasn't able to send them all the details because they told me they would be sending the details through the post (I assume they will be sending them to my new property...).

A little worried as I've not heard from my solicitor, and I'm meant to be completing tomorrow I've sent my solicitor an email to find out if everything is in place!

We forwarded them a copy of the policy and policy schedule from the insurers website, seemed to cover everything they needed.

Got the keys yesterday and everything running, hadn't been lived in for a couple of months but the heating, drains etc work.
Took up the carpet/ vinyl in the living and dining room and apart from a couple of meters of floorboards they were in good condition, the few joists underneath I looked at appear sound as well. They'll sand and varnish nicely.

 

[Marky]

We forwarded them a copy of the policy and policy schedule from the insurers website, seemed to cover everything they needed.

Got the keys yesterday and everything running, hadn't been lived in for a couple of months but the heating, drains etc work.
Took up the carpet/ vinyl in the living and dining room and apart from a couple of meters of floorboards they were in good condition, the few joists underneath I looked at appear sound as well. They'll sand and varnish nicely.

Just got confirmation from my solicitor that Completion is definitely happening today. They also said that they need to send the insurance policy schedule to my mortgage lender, but that can be done at a later date.

Sitting here at work chomping at the bits I'll be out the door as soon as I get the nod from my solicitor!

 

[ubern00b]

chomping at the bits

Oooh errr, adding one letter can change the whole meaning of this phrase!

 

[Marky]

Oooh errr, adding one letter can change the whole meaning of this phrase!

Lol!!

 

[Martynt74]

Best of luck @Marky

I don't think time ever goes as slow as when you're waiting for the phone call to say get your keys!

 

[Sui]

Just got confirmation from my solicitor that Completion is definitely happening today. They also said that they need to send the insurance policy schedule to my mortgage lender, but that can be done at a later date.

Sitting here at work chomping at the bits I'll be out the door as soon as I get the nod from my solicitor!

Good luck!

My day is tomorrow, hoping it all goes well.

 

[Marky]

Best of luck @Marky

I don't think time ever goes as slow as when you're waiting for the phone call to say get your keys!

Good luck!

My day is tomorrow, hoping it all goes well.

Thanks guys Much appreciated

Thanks also to all in this thread that have helped me with my queries over the past few months! I've learnt a lot!