Protecting your move

In today’s turbulent housing market the purchase of a new home rarely runs smoothly. Home buyer’s can encounter many disruptions that can quickly unravel their plans and in many cases bring the whole process to an unexpected end.

A third of house purchases fail to complete* so it’s important that your move is protected and any upfront expenses are recovered quickly.

Home Buyer’s Protection insurance can do exactly that and can easily be integrated into your current proposition.

What does it cover?

Whether you are a first time buyer, an experienced mover or a private landlord there is always the possibility that something could go awry. A survey may reveal some unwelcomed results, you may be gazumped or your seller could get cold feet.

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Home Buyer’s Protection covers the following events;

  • Gazumping – The seller receives and accepts an offer which is at least £1,000 more than the offer that was accepted by yourselves
  • Seller Withdrawal – The property is withdrawn from sale by the seller
  • Adverse Survey – Prior to the release of funds the mortgage lender insists on rectification work to the property that cost more than 10% of the sum that was offered and has been accepted
  • Down Valuation – The mortgage lenders valuation of the property is less than 95% of the sum that was offered and has been accepted
  • Changes in Employment – You are made redundant or asked to relocate by your employer
  • Unexpected Death – Unexpected death of any of the policyholders

Paymentshield’s Home Buyer’s Protection covers:

  • Conveyancing Fees & Local Authority Searches up to £800
  • Mortgage Arrangement Fees & Lenders Fees up to £250
  • Survey Fees and Valuation Fees up to £550

Cover is valid for a period of up to 120 days from the policy start date.

What’s not covered?

As with all insurance policies there are certain circumstances for which we are unable to provide cover. These include the following;

  • Knowledge that the purchase would not complete before purchase of Home Buyer’s Protection
  • Voluntary redundancy
  • A deliberate delay which caused the sale not to complete

Eligibility

In order to purchase an insurance policy there are certain eligibility criteria you must meet. These include the following:

  • Over 18 years of age
  • The purchase of the property is not subject to a contract race or sealed bids
  • The property being purchased is located in England or Wales
  • The property is of permanent construction
  • You must use a Solicitor or Licensed Conveyancer to conduct the conveyancing of the property
  • You must not have carried out a survey on the property, or know of a previous survey having been carried out, up to 90 days prior to the policy start date, that may give cause for the purchase to fail
  • You must not have had insurance refused or cancelled or had any special terms applied by another insurer
  • You must not have any unspent criminal convictions
  • Both private and buy to let properties are covered, however only to first-time buy to let customers. Home Buyers Protection should not be promoted to buyers/investors already having buy to let properties as they would be considered as commercial customers.

* http://www.telegraph.co.uk/property/buyingsellingandmoving/9379319/How-to-sell-your-house.html

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