What is Home Buyers Protection Insurance?

Making an offer on a house is stressful enough without the financial worry of the purchase falling through and the loss of money you have paid out. Home Buyers Protection Insurance is designed to reimburse costs that would otherwise be lost when a home purchase falls through.

For a flat fee of £85.00 you will receive up to £1500 of cover which is valid for 6 months from the policy start date. The cover includes loss of:

  • Conveyancing fees (including fees for local authority searches)
  • Mortgage arrangement fees
  • Survey and Valuation fees

Residential and Buy to Let property buyers can cover upfront expenses in the event of the purchase falling through due to:

  • The property is withdrawn from sale by the vendor due to reasons beyond your control
  • The vendor receives and accepts an offer from a third party, which is a minimum of £1,000 greater than the offer from you previously accepted by them
  • A Local Authority search highlights that the property is subject of a compulsory purchase order
  • The vendor is not legally entitled to sell the property
  • You or the person who is buying the property either die and the survivor is unable/unwilling to continue with the purchase or given notice of redundancy/relocation with work and you are unable/unwilling to complete the purchase
  • You are diagnosed with a terminal illness and are unable/unwilling to continue with the purchase
  • The initial mortgage lenders valuation of the property is less than 90% of the sum you have offered for the property which was accepted by the vendor
  • Prior to the release of funds the mortgage lender insists on rectification work being carried out to the property, the costs exceed 10% of the sum you have offered and which has been accepted by the vendor
  • The mortgage lender applies a retention on the loan for the property and this figure exceed 10% of the sum you have offered for the property and which has been accepted by the vendor
  • The property sustains damage during the period of insurance where the total cost of the rectification work exceeds 10% of property value