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Home Seller Protection

Selling a home is stressful enough without the financial worry of a sale falling through. Home Seller’s Protection Insurance helps provide cover for conveyancing fees should the sale of the property fail.

What is Home sellers Protection ?

A number of unexpected things can happen during the process of selling a residential property that could cause the transaction to fail for a number of reasons. In these circumstances, the vendor may have incurred considerable out-of-pocket expenses that cannot be recovered. Our Home Sellers’ Protection Insurance product seeks to provide cover for conveyancing fees incurred.

What does Home Sellers Protection cover?

Cover is provided for solicitors’ fees and disbursements that cannot be recovered in the event that:

  • The buyer has an adverse search on the property, which either restricts, or is detrimental to a successful transaction
  • The buyer’s mortgage lender values the property at less than the amount offered by the buyer (and which you accepted)
  • Structural defects are identified in the property and the cost of rectification work exceeds 10% of the amount offered by the buyer (and which you accepted)
  • The buyer is diagnosed with a terminal illness, dies, or is given notice of redundancy or relocation, and is unable or unwilling to continue with the purchase

This policy is included in 99home Combo and High Street sales package. For Standard, “No sale, no fee”, commission only deals, and shared ownership packages, you can buy this policy from below link.

Please Download Home Sellers Guarantee Wording & Schedule

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FAQ

Q-1. When can I purchase the policy?

Ans: Within 7 days of your acceptance of the buyers offer to purchase the property and you or your representative has sent written confirmation of the acceptance to the buyer or their representatives.

Q-2. I’m selling a flat, am I eligible for cover?

Ans: Yes – the property being a flat would not prevent you from purchasing cover.

Q-3. I’m selling a property that is used as a buy-to-let, am I eligible for cover?

Ans: Yes – the property being a buy to let would not prevent you from purchasing cover.

Q-4. I’m selling a property to a cash buyer, am I eligible for cover?

Ans: Yes – selling to a cash buyer does not make you ineligible for cover. However, the insured events and cover on the policy relating to the mortgage lender will not apply.

Q-5. There has been a survey carried out on the property, am I eligible to take out the cover?

Ans: Unfortunately, if there has been a survey undertaken up to 90 days prior to purchasing the policy, you are not eligible for cover.

Q-6. What are the limits of cover (sums payable) under the policy?

Ans: £1000.00. The policy limit is the maximum we will pay in total and includes VAT (e.g. if the fees were £1500 + VAT = £1800, we would pay £1000).

Q-7. Can I increase the sections of cover?

Ans: No. The policy benefits are set and cannot be changed.

Q-8. Are legal fees covered under the policy?

Ans: Yes they are covered on the conveyancing section of the policy up to policy limit.

Q-9. Can I renew my policy, extend my policy or take out another policy once my cover has expired?

Ans: No, you have 180 days of cover. You cannot extend cover or take out another insurance policy once cover expires as you will not be able to agree to the start date term of the policy.

Q-10. Am I covered for legal fees incurred against a property that I am buying as well as the property I am looking to sell?

Ans: No. The policy only covers cost incurred in relation to the property that you are selling. There is a home buyer’s protection policy available on the website if this cover is required.

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