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Home Buyer and Seller Protect
When you are buying or selling a home it is an extremely stressful time. This is because there are many risks involved and a big chance of suffering financial loss. This can be due to having to pay for surveys or the cost of estate agent fees. Home buyer and seller protect insurance can help you to minimise these risks, giving you a peace of mind when investing in a new home.
According to Which, 3 in 10 property purchases fall through and 61% of the time this is due to the seller pulling out. Each time this happens it is costing the home buyer an average of £2,899. This is a lot of money to lose, especially considering buying or selling a house is expensive to begin with.
Our top Tips:
Although it may seem unlikely, there are a few tips and tricks to follow that will help to decrease your chance of running into problems that will waste your time and money:
Avoid a chain
Look for a seller or buyer that isn’t a part of a chain of sales. Examples of this is buying an empty home or selling to a first time buyer.
Consider renting
Think about moving out of your home and renting accommodation while you’re looking to buy. Having your house sold and the money readily available means that you’ll be free from a chain and ready to move quickly. This means you are less of a risk and so more appealing to vendors that are choosing a buyer for their property.
Invest in a new build
New build homes are easier and quicker to purchase s because there are no chains involved at all. There is also less of a chance to be issues with the property due to it being new.
What Alternative Offer:
Home buyer and seller protect is there to help minimise the financial risks you can face when involved in the sale of a property. It will cover you for the withdrawal of a property from the market or withdrawals of an offer due to certain circumstances.
Please find specific details of when it applies below:
- The vendor withdraws the property from sale. This follows from receipt of an alternative offer from another buyer
- You withdraw from the purchase because of one of the following:
- An adverse Legal Search (as per policy definition)
- The Mortgage lenders valuation being less than 90% of the accepted offer
- And your or the vendors withdrawal due to:
- Employers relocation not completing
- Involuntary unemployment
- Death, unforeseen illness or bodily injury caused by a sudden or specific accident
The insurance will apply once an offer is accepted by the vendor. The policy is also subject to certain terms and conditions. For example a claim will not be successful if the reason for withdrawal is due to changing your mind.
If you would like to find out more about our Home Buyer and Seller Protect insurance then call one of our team on 01613882520 who will be able to offer you their advice on the best insurance to suit your individual needs.
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