Buying a property is without a doubt one of the most stressful things that you will do in your lifetime.
From the excitement of finding your perfect new home and securing a mortgage, instructing surveyors and solicitors and then the anticipation of moving day, there are many ups and downs through the home buying process that can cause a huge strain on all concerned. Imagine then that on top of all of this, you find out that your dream of a perfect home has just turned sour and the transaction cannot proceed.
According to ongoing research by Quick Move Now, this is a reality for many with a high proportion of property sales failing to complete. The figures show that 2015 saw a massive 1 in 4 transactions fall through, 9% of which can be attributed to ‘Gazumping,’ where the seller pulls out after receiving a higher offer.
What can you do to help?
Whilst there is little that can be done to reduce these statistics, you can help your client to feel more at ease during the conveyancing process and provide them with peace of mind that their interests are protected in the event that the transaction fails to complete*.
Home Buyers Protection Insurance is now available from PSG and provides cover for loss of fees of up to £1,500 subject to the following limits
- £750 in respect of Conveyancing Fees (including fees for Local Authority Searches)
- £250 in respect of mortgage arrangement fees
- £500 in respect of survey fees and valuation fees
Cover is provided in the event that the property fails to complete due to reasons such as:
- Unforeseen illness
- Involuntary unemployment
- Mortgage lenders evaluation of the property being less than 90% of the sum offered
- The Local Search highlights the property is subject to a compulsory purchase order
What are the benefits to you and your firm?
Safe in the knowledge that your fees are protected, searches can be instructed early allowing you to investigate and resolve any issues in good time which in turn can speed up the completion process. The policy also works as a marketing tool, your clients feel better protected and so are more inclined to recommend your services to others.
Home Buyers Protection Insurance is available now for just £49 (inc IPT). So why not alleviate some of the stress of the home buying process and boost the reputation of your firm by adding it to your instructions as standard?
For more information on this or any of the other services provided by PSG, contact your local office or visit www.psgconnect.co.uk
This article was submitted to be published by PSG as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.