Blacks Connect have launched an insurance policy that will reimburse many of the costs of moving home if the purchase falls through.
The service will be offered free of charge to customers.
The announcement comes a week after The Source announced the launch of a fixed price buyer protection policy.
The Blacks Connect buyer protection policy will pay out:
– Up to £500 in non-refundable, mortgage lender arrangement fees, product and booking fees
– Up to £750 in valuation fees (including a Homebuyer’s Report or Structural Survey)
– Up to £600 in solicitor’s disbursement costs.
Clients can claim reimbursement for a wide number of reasons including; if the vendor withdraws the property from sale or if your client pulls out of a purchase because the survey uncovers work that needs to be done to the property.
The policy will also pay out if your client has to pull out because of illness, death or redundancy.
David Gilman, partner in charge of Blacks Connect, said: “This is a fantastic benefit for all our clients and we are thrilled to be able to offer it completely free of charge as part of our standard disbursements package.
“For brokers, it will give your clients enormous peace of mind to go ahead with mortgage applications and surveys in the knowledge that they won’t lose out financially if the deal falls through.
“It’s a huge selling point for those who want to recommend a high quality conveyancer, give their clients this extra peace of mind, and receive a competitive referral fee.”
