When moving home one of the worst scenarios that most of us can imagine is for the purchase of our new place falling through. Not only can this leave you with nowhere to go, it can also leave you significantly out of pocket due to non-refundable expenses, such as estate agents fees and the cost of the necessary surveys and checks. Fortunately, there is a way you can protect yourself against this kind of unexpected problem – home buyers protection insurance.
What is home buyers protection insurance?
This type of insurance covers you against costs incurred when your purchase of a property falls through. It typically covers you against such expenses as conveyancing fees, survey and valuation fees and mortgage lender charges. There is normally a time limit on the insurance, meaning the move must be completed or abandoned within a certain time frame, with sixth month being typical.
What does it cover?
Home buyers protection insurance covers you in situations such as you being outbid by another buyer, the property being withdrawn from sale for any reason, you having to withdraw from the purchase due to illness or the death of one of the purchasers if there was more than one of you.
It also covers you if your mortgage lender insists on rectification work to the property of more than 10% of the agreed price in order for you to obtain a mortgage or if damage occurs to the property prior to completion of the sale which would require spending more than 10% of the original price to remedy.
Conditions
In order to qualify for home buyers protection insurance, you must be over the age of 18, the purchase must not be dependent on a contract race or sealed bids, your conveyancing must be carried out by a solicitor or licensed conveyancer and you must not have had a survey carried out before you purchase the insurance policy.
At Intransit we have been helping homeowners and businesses move for over 17 years. We have the knowledge and experience to keep your move as stress and problem free as possible, so call us today 01225 759200 or send us an email and we will get back to you promptly.
