Why Home Buyers Protection Insurance?
On average, a quarter of all house purchases fail to complete*. Home Buyers Protection Insurance helps to protect your client’s 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 protects against loss of conveyancing costs and associated legal fees up to £1,500 if the house purchase does not successfully complete.
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- The property is withdrawn from sale by the vendor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 on 0114 249 3300 or email firstname.lastname@example.org.
*According to a survey by OnePoll, commissioned by the Conveyancing Association, 2013.