10:26 AM, 18th March 2015, About 7 years ago 1
YOU can now insure against being gazumped for just £59.99, Home Buyers Protection Insurance repays any fees or expenses incurred if your buyer pulls out of a sale.
Anyone who has ever been gazunmped or had a purchase fall through on them for reasons out of their control will know how frustrating and expensive it can be. This Home Buyers Protection Insurance will not help with the frustration but it will help financially.
Being left footing the bill for conveyancing and valuation fees can easily run into hundreds of pounds and landlords with portfolios are likely to have encountered this at some point. Home Buyers Protection insurance will repay those costs to you if the sale falls through.
The insurance is conditional on the sale falling through because the property owner withdraws from the sale and it is not your fault. Gazumping means the property owner accepts an offer from someone else which is a minimum of £1,000 greater than your offer.
It offers cover against: and up to:
● Conveyancing fees protection up to £750
● Survey and valuation fees protection up to £500
● Mortgage and lender fees protection up to £250
● Gazumping protection for offers that are at least £1,000 higher than yours
● No excess
Property purchases fall through for a lot of reasons, including sellers withdrawing their property from the market, problems with mortgage applications and being gazumped – which is when your offer is accepted but the seller later decides to accept a higher offer.
Landlords can ensure they have Home Buyers Protection Insurance in place as soon as their offer has been accepted – just in case. The policy is valid for 120-days after the offer is accepted, allowing for long completions if needed.
Home Buyers Protection insurance is supplied by Property 118 in partnership with Surewise.
You can buy Home Protection Insurance online by clicking HERE.
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