Home Buyers Protection


Why Home Buyers Protection Insurance?

On average, a quarter of all house purchases fail to complete*, Home Buyers Protection Insurance helps protect your client against losing money if this happens…

 

What is Home Buyers Protection Insurance?

A policy designed to offer specialist protection for policyholders involved in or due to be involved in a residential house purchase. The policy is designed to protect them against loss of conveyancing costs and associated legal fees up to £1,500 should the house purchase not proceed through to successful completion.

 

Summary of Cover:

Insured Events Covered:

  • The Property is withdrawn from sale by the vendor
  • The vendor receives and accepts an offer from a third party which is a minimum of £1,000 greater than the policyholder’s offer
  • A Local Authority Search highlights that the property is the subject of a compulsory purchase order
  • The vendor is not legally entitled to sell the property or transfer the property to you
  • The policyholder is diagnosed with a terminal illness and unable or unwilling to continue with the purchase
  • The Mortgage Lenders property valuation is less than 90% of the sum you have offered for the property which has been accepted
  • The property sustains damage during the period of cover and the total cost of rectification work exceeds 10% of the property value

Limit of indemnity:

–  Conveyancing fees including Local Authority Searches   £750

–  Mortgage Arrangement Fees or Lenders Fees                   £250

–  Survey & Valuation Fees                                                     £500

 

For further details please contact us email: assist@lexelle.com or call 0114 249 3300

 

*According to a survey by OnePoll, commissioned by the Conveyancing Association, 2013.