Home Legal Direct’s Premium Home Buyers Protection Insurance explained

We understand that buying a home can, at times, go wrong. Home Legal Direct offers insurance to protect you, in the event of this happening, and to give you that added peace of mind.  

Protecting Our Clients

A house purchase falling through is not only disappointing, but it can also cost you, financially.  

With this in mind and in an uncertain market where circumstances can change overnight,   we offer our Premium Home Buyers Protection Insurance package as a way of protecting our clients against financial loss caused by the purchase falling through. It is designed to cover you for vendor driven failure of your transaction for up to 6 months.  

What does Home Legal Directs' Premium Home Buyers Protection Insurance include?

Benefits and Cover

Protection

Premium Home Buyers Protection Insurance  

The ultimate peace of mind and protection against a vendor (seller) driven cancellation, for up to 6 months.      

 £3 000 (Max)    

  

Cover breakdown

  

  

  • Conveyancing Fees (including the cost of searches) up to  £1500
  • Valuation Fees and Survey Fees up to  £750
  • Mortgage and Arrangement Fees up to  £450
  • Alternative storage and accommodation costs up to  £300
  • Cover is limited   to claims within 6 months from policy inception    

  

Insured Events

  

  

  • If the seller withdraws the house from the market
  • Gazumping protection i.e. – if the vendor of the house you are in the process of buying accepts a higher offer in excess of  £1000 from another person
  • Vendor not legally entitled to sell the property
  • Cover for properties in England and Wales only
  • You, or a person you are purchasing the property with, being given a notice of redundancy
  • Your death, or the death of the person/s you are purchasing the property with
  • You are diagnosed with a terminal illness and are unable or unwilling to continue the purchase
  • The property is damaged during the period between offer and exchange of contracts, and the cost of repair would exceed 10% of the property value
  • The mortgage lender applies a retention of 10% or more of the accepted price
  • The mortgage lender requires rectification work on the property, and the cost of this work exceeds 10% of the sum you originally offered
  • The mortgage lender's valuation of the property is less than 90% of the accepted sale price
  • The local authority search reveals that the property is subject to a compulsory purchase order
  

Important notes:

  • Gazumping is when another purchaser puts in a better offer on the property after your offer has been accepted. Your offer is then refused. Gazumping is not uncommon, which is why protection is highly recommended.
  • Ensure that your conveyancing work is carried out by a solicitor or licensed conveyancer; otherwise your policy may be negated.    
  • The policy doesn't cover costs if you withdraw the offer of sale because you had a change of heart. You are only covered for risks detailed in the policy documents.    
  • You must purchase Premium Home Buyers Protection Insurance within 14 days of your offer being accepted.
  • Premium Home Buyers Protection Insurance can only be cancelled within 14 days of policy purchase date.

You can find further information on the link below:                        
Premium Home Buyers Protection Insurance Policy Wording

Submitting a claim                    

You must advise Rhino Protect Limited immediately after you first become aware of any cause, event or circumstances which could give rise to a claim under this policy.                    
If you need to notify a potential Claim, please call or email:                    
Claims Department                    
Rhino Protect Limited                    
Email: claims@rhinoprotectinsurance.com                      
Tel: 01455 852100  

You should provide your policy number and a description of the circumstances of the claim. A claim form will then be provided, and you should complete this and return it without delay.                    

Home Legal Direct is an Appointment Representative (Firm Reference Number 783621) of Rhino Protect Limited (Registered in England No. 6012736) who are authorised and regulated by the Financial Conduct Authority (Firm Reference Number 772055). Home Legal Direct regulatory status only applies to Premium Home Buyers Protection Insurance. Rhino Protect Limited does not regulate any other products or services provided by Home Legal Direct.                    

  

Our use of cookies

We use cookies to improve your experience of our website. These contain no personal data. We use analytics cookies to help us make improvements by measuring the way you use the site. Certain cookies help the site to perform predictably. Without them the site may not work properly. You are free to disable them in your browser settings. Accept and dismiss  Reject and dismiss