Home Legal Direct’s Premium Home Buyers Protection Insurance explained

Premium Home Buyers Protection Insurance

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

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