What is Buyers Protect?
Your chosen solicitor can order your searches at the earliest opportunity when using The Homebuyer Insure Conveyancing Pack, helping to minimise delays and get your property purchase moving.
Should your purchase fail, you can feel reassured knowing that the returned costs can be put towards your next purchase. Residential Exchange Insurance policies are valid for up to 6 months or up to exchange of contracts, whichever is earliest.
You can add Buyer Protect as part of your quote. It costs just £84 with no obligation.
If you take Buyers Protect you can withdraw from the purchase if:
- The mortgage lenders valuation is less than 90% of the sum you have offered for the property for which the vendor has been accepted.
- The mortgage lender insists on rectification work to the property and such work exceeds 10% of the sum offered by you to the vendor prior to the release of funds
- 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 vendor withdraws the property from sale.
- An offer of at least £1000 greater than the offer received from you is accepted by the vendor.
- The property is subject to a compulsory purchase order as highlighted in a local authority search.
- 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 is covered by the Buyers Protect?
The Buyers Protect Conveyancing Pack is only £84 and provides cover up to £1500 for the following fees:
- Conveyancing Fees
- Mortgage Arrangement Fees
- Lender Fees
- Valuation Report
- Survey Fees
- Legal Fees