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Home Buyer Protection

Cover for unrecoverable costs incurred in a failed property purchase

Buying a property is stressful

Buying a property is stressful enough without the financial worry of a purchase falling through. According to Which? Buying or selling a property comes second only to divorce. The Home Buyers' Protection Insurance helps cover legal, survey and mortgage lending costs should your purchase fall through.

What is Home Buyers’ Protection Insurance?

If you’ve found a property you want to buy and have put an offer which is accepted by the vendor or estate agent. Then you start paying for mortgage arrangement, solicitors and surveyors fee to help you with your purchase. Within a few weeks, this adds up to thousands of pounds which is a big hard-earned investment that could be lost if the purchase falls through.

Last year around 28% listed properties didn’t go through due to various reasons. Home Buyers’ Protection Insurance can protect you in the event of;

  • Difficulty securing a mortgage
  • Mortgage lender valuation is lower than the agreed offer
  • The mortgage lender insists on restructuring work
  • Seller pulled out due to slow progress
  • Chain break (Break in the chain affecting the vendor and the property they are purchasing leading to your purchase of the property falling through.)
  • Problem identified during survey
  • Seller accepted higher offer from different buyer
  • The buyer withdraws (such as job relocation or redundancy)
  • Gazumping

Home Buyers’ Protection Insurance can enable you to claim back some of your  conveyancing fees, mortgage arrangement fees and survey fees in the event of the purchase falling through.

Key Benefits of 99home Home Buyers’ Protection Insurance

Cover costs ONLY £79 and provides:

  • Conveyancing Fees up to £750 including VAT
  • Mortgage Arrangement/Lender’s Fees up to £250 including VAT
  • Survey/Valuation Fees up to £500 including VAT
  • No excess
  • Gazumping protection if the offer accepted is at least £1000 higher than yours
  • Policy is valid for 180 days

Home Buyers’ insurance is provided for conveyancing (solicitors’) fees, mortgage arrangement fees and survey fees up to the limit of indemnity, in the event that:

  • The property is withdrawn from sale by the vendor
  • The vendor accepts an offer which is greater than the sum offered by the insured (and which had been accepted by the vendor)
  • The property is subject to a compulsory purchase order
  • It is identified that the vendor isn’t legally entitled to sell the property
  • The mortgage lender’s valuation of the property is less than the sum offered by the insured (and which had been accepted by the vendor)
  • The mortgage lender insists on rectification works being carried out on the property, or applies a retention on the loan, before they make funds available
  • The insured (or the person buying the property with the insured) is diagnosed with a terminal illness, dies, is given notice of redundancy or relocation, and they are unable or unwilling to continue the purchase

What is Gazumping?

One of the most common reasons for a house sale to fall through is Gazumping.

Gazumping, or being gazumped, is when a prospective property buyer has made an offer and had it accepted by the vendor, only for the vendor of the property to accept a higher offer from another buyer before the exchanging of contracts and Gazumping is NOT illegal.

Please ensure to review the Policy Wording for full terms and conditions to ensure this policy meets your insurance requirements. A copy of the Policy Wording is available upon request and you should have an opportunity to review the Insurance Product Information Document (IPID) before purchasing cover.

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