Conveyancing Cost Protection Insurance

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It can be a very stressful time moving or purchasing property. Northcott Beaton have developed a range of products specifically designed to alleviate part of the frustration if the purchase and, potentially, sale of the property falls through by protecting some of the costs and expenses incurred (subject to certain terms and conditions)

The video opposite has a brief outline of what these polices are designed to do.

Costs and expenses include certain conveyancing fees and disbursements, lenders mortgage arrangement fees and mortgage lenders valuation fees incurred in the purchase of a property up to a maximum of £1,500

The period of cover ranges from 180 to 365 days from the date of policy issue

The cover varies but can include the following and applies once an offer has been made and accepted by the vendor

  • The vendor withdrawing the property from sale following receipt of an alternative offer from another buyer
  • The vendor withdraws the property from sale
  • You having to withdraw from the purchase because of one of the following
  • An adverse Legal Search (as per policy definition)
  • The Mortgage lenders valuation being less than 90% of the accepted offer
  • And your or the vendors withdrawal due to
    • Employers relocation not completing
    • Involuntary unemployment
    • Death, unforeseen illness or bodily injury caused by a sudden or specific accident

You will of course appreciate that no Insurance can cover every eventuality and these policies are subject to certain policy terms and conditions as detailed in the policy document

You can find further information, Key Facts, sample policies and pricing here or, alternatively, contact us

 

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Percentage of Residential Transactions that fail to complete

Average loss of conveyancing costs (£)

Total loss across the Today Only!!! (£)