The nervous wait to exchange....
- Thread starter noj
- Start date
its not the nicest thing to go through, which is a shame because the end result is great - when it all works out.
Keep the chin up though, its worth it in the end
Buildings insurance is a requirement. With mine i also added contents cover as the cost difference was minimal.
The rest is your choice. IAI, CI are a gamble. If you can afford it comfortably then great.
you'll have to have building insurance from the point of exchange, your mortgage company are likely to want you to have life insurance (some do, some don't) everything else is your choice.
Contents insurance isn't a bad idea - it covers all your possessions inside the house. So if there was a water leak and it ruined all the carpets you'd be covered or if the house was burgled you'd be able to claim for anything taken.
Accidental damage on buildings and contents basically covers you for anything you do - so if you managed to reverse your car into the house and had to have the wall repaired or on contents you knocked the iron onto the floor and it burnt a hole in the carpet.
Go shop around for insurance quotes, there is quite a difference in prices
Good news
The tenant in the property has signed his contract and is vacating the house on Monday (which is also my birthday funnily enough).
So on the Monday morning I inspect the property and then as long as it's OK then we should be exchanging on Monday/Tuesday and completing on Friday 30th... Hooray
The tenant in the property has signed his contract and is vacating the house on Monday (which is also my birthday funnily enough).
So on the Monday morning I inspect the property and then as long as it's OK then we should be exchanging on Monday/Tuesday and completing on Friday 30th... Hooray
Soldato
- Joined
- 5 Aug 2003
- Posts
- 8,495
- Location
- Essex
I've finally exchanged 
Can't believe I'll actually be moving, been trying since last January! 4th time lucky!
What's normally the deal with keys, I know normally you'd leave them with the estate agent but the people we are buying from have used an estate agent with offices 30 miles away.
Can't believe I'll actually be moving, been trying since last January! 4th time lucky!What's normally the deal with keys, I know normally you'd leave them with the estate agent but the people we are buying from have used an estate agent with offices 30 miles away.
Cheers guys.
Buildings insurance seems to be unnervingly cheap? We have had quotes as low as £9 a month for up to £1m? Is it just cheap as everyone has it but the actual amount of full rebuild claims are very low?
And then for the other insurances it seems to be a weigh up between cost and likely hood. You can insure against death, terminal illness, critical illness, general long term sickness, or just unemployment. Were going to weigh up the costs and also weather we actually need both of us covered. Were thinking death plus critical illness at the moment, as both our employeers provide decent sick pay.
I've finally exchanged
What's normally the deal with keys, I know normally you'd leave them with the estate agent but the people we are buying from have used an estate agent with offices 30 miles away.
Well done!
Normally the estate agent would meet you at the property with the key, or you'd pick the key up from their office.
In your situation I guess you'll get the keys from the old owners.
Simple answer is to ask
Building insurance is pretty cheap, its a risk thing after all, the insurance company is looking at the risk of your house being demolished in a fire etc and the costs to rebuild it.
For buildings insurance we pay £80.07 per year with full accidental damage based on a rebuild cost of £300k (don't forget you're insuring the cost to rebuild the property and not what you paid for it)
The other insurances are choices for you to make...it will depend on circumstances. My wife and I both have individual life policies, I have critical illness.
Personally I think life is a no-brainer. If the worst happened to one of you then the mortgage is taken care of. The rest.....go get some independent advice and don't just listen to the mortgage broker.
Urm well gulp
Offered on this house http://www.rightmove.co.uk/property-for-sale/property-52341467.html
It's been accepted on my offer - and once I've sorted out a soliceter, got the full approval not a approval in principle then it's hopefully goign through.
That esculated quickly from looking at 1 bedroom flats etc
Offered on this house http://www.rightmove.co.uk/property-for-sale/property-52341467.html
It's been accepted on my offer - and once I've sorted out a soliceter, got the full approval not a approval in principle then it's hopefully goign through.
That esculated quickly from looking at 1 bedroom flats etc
Soldato
- Joined
- 3 Oct 2009
- Posts
- 19,893
- Location
- Wales
Crikey what a price for something that looks in such good nick! Looks like a relatively straightforward purchase. Oldham is within our range too 
Finally got a completion date for November 20th! Been hit with a few unexpected fees dealing with a flat managment company. Been 3 months since the offer was accepted. We could move in sooner but we want to squeeze one more pay day in before our first property out of the parents!
maybe.
the draft contract is a good step, your solicitor will review and send you a copy to sign (but not date) and that's held on file until exchange. Between now and then you've got all the searches to get out the way and questions that those may generate.