Moving house is an exciting time! Make sure you are protected from unnecessary stress and expense, in the event of a transaction collapse
The Homebuyer Conveyancing Panel provides a purchase protection insurance, Buyers Protect, designed to take the strain should your purchase fall through, through no fault of your own. In an exclusive arrangement with leading insurer Broker Northcott Beaton, Buyers Protect will cover Homebuyers and Investors up to £1500 against an extensive list of events, where a property purchase may fall through.
With house purchases set to increase significantly over the coming year, this policy will act as a comprehensive safety net for buyers. The Homebuyer Buyers Protect can be added to your Conveyancer quote by simply ticking the relevant box when you are taking a quote away.
If you have taken the Buyers Protect Insurance, you can withdraw from the purchase if:
- The initial mortgage lenders valuation is less than 90% of the sum you have offered for the property which has been accepted by the vendor.
- Prior to the release of funds the mortgage lender insists on rectification work to the property and the cost exceeds 10% of the sum offered by you which has been accepted by the vendor.
- The mortgage lender applies a retention on the loan which is more than 10% of the sum offered by you which has been accepted by the vendor, or the property is damaged during the period of cover and the cost of rectification work exceeds 10% of the property value
- The property is withdrawn from sale by the vendor.
- The vendor receives and accepts an offer which is at least £1000 greater than the offer they have accepted from you.
- A local authority search highlights that the property is subject to a compulsory purchase order.
- The vendor is not legally entitled to sell you the property.
- You or the person purchasing the property with you die, are made redundant or relocated, and you are unable or unwilling to continue with the purchase of the property.
What fees and expenses are covered by the Buyers Protect Insurance?
The Buyers Protect insurance policy provides cover up to £1500 for the following fees:
- Mortgage Arrangement
- Valuation Report
- Local And National Legal Fees
Why Choose The Homebuyer Buyers Protect Insurance?
When you choose to use The Homebuyer Buyers Protect Insurance your solicitor can order your searches at the earliest opportunity, helping to minimise delays and get your property purchase moving. If your purchase should fail, you can feel reassured knowing that the returned costs can be put towards your next purchase. Your residential Buyers Protect Insurance policy is valid for up to 6 months or up to exchange of contracts, whichever is earliest.
What is included in the combined Search pack and Buyers Protect Insurance?
The Homebuyer Buyers Protect and search pack includes the following:
- Abortive Insurance (up to £1500 protection)
- A Regulated Local Property Search
- A Regulated Drainage and Water Search
- A Comprehensive Environmental Report
- A 'No Search Required' Chancel Repair Indemnity Insurance
- The Homebuyer Buyers protect Insurance costs just £60 inc VAT
Taking Out The Insurance
Add your insurance to your Mortgage Solicitor quote within the conveyancing costs comparison
Or order your Buyers Protect Insurance when your Solicitor calls you and you subsequently Instruct the Solicitor or Conveyancer