Risk, insurance, damage and early access/occupation between exchange and completion under the Standard Conditions of Sale (Fifth Edition—2018 Revision) (England and Wales)

Published by a LexisNexis Property expert

Practice notes

This Practice Note explains how the Standard Conditions of Sale (Fifth Edition—2018 Revision) (SCS) address insurance for the property, the consequences of pre‑completion damage, and the position where the buyer obtains early access.

What happens if the property is damaged or destroyed between exchange and completion?

Under Condition 5.1 SCS, the risk transfers to the buyer on the date the contract is made, mirroring the open‑contract approach. If the property suffers damage or is destroyed after exchange but before completion, the buyer remains obliged to complete. Even so, the seller must exercise reasonable care in relation to the property.

Who insures between exchange and completion?

Earlier editions of the SCS did not set out insurance responsibility fully, which could cause difficulties.

As risk sits with the buyer from exchange, the buyer should arrange suitable cover from exchange of contracts.
The buyer’s conveyancer ought to ensure the buyer understands the need for appropriate insurance from exchange and the implications of failing to insure...

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Web page updated on 21/05/2026

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