A number of unexpected things can happen during the process of purchasing a new residential property that could cause the transaction to fail beyond the purchasers control. In these circumstances the purchaser may have already incurred considerable out-of-pocket expenses on mortgage arrangement fees, survery fees, and/or solicitor's fees that cannot be recovered.
Fortunately, there is a comprehensive and affordable Home Buyers Protection Insurance which covers against any losses suffered when property purchases aren’t completed through no fault of your own.
You can choose between 3 levels of cover:
Bronze - Conveyancing Fees – up to £750, Survey and Valuation Fees – up to £500, Mortgage and Lender Fees – up to £250 for a cover Period of 180 Days.
Silver = Conveyancing Fees – up to £1,000, Survey and Valuation Fees – up to £750, Mortgage and Lender Fees – up to £500 for a cover Period of 180 Days.
Gold - Conveyancing Fees – up to £1,250, Survey and Valuation Fees – up to £1,000, Mortgage and Lender Fees – up to £750 for a cover Period of 180 Days.
Notes to remember
Conveyancing must be carried out by a solicitor or licensed conveyancer. Cover is valid for 180 days from acceptance of the offer or until you make a claim, cancel the policy or complete the property purchase. The policy doesn’t cover you if you withdraw the offer of sale for reasons not included in the policy schedule; you can’t just change your mind, for example. Must purchase this policy within 7 days of receiving written acceptance.