Search provider moves to protect law firms from consequences of failed transactions

Search provider moves to protect law firms from consequences of failed transactions

Leading data and conveyancing search provider TM Group moves to protect law firms from consequences of failed transactions.

More than 1 in 10 residential property transactions fell through last year, with some areas of the country experiencing abortive rates of over 30%.

Aborted transactions can prove costly to law firms and their clients. It usually results in the loss of any costs already incurred in association with valuations, searches and disbursements but, perhaps more importantly, it can also lead to law firms having to have difficult discussions with their clients about the legal fees which need paying, even despite the failed transaction.

TM Group’s Sales and Marketing Director Ben Harris says "We’re delighted to now be able to offer Residential Abortive Transaction Insurance which could provide conveyancers with an edge when it comes to winning new business."

Residential conveyance insurance reimburses all legal fees and disbursements, valuation reports, lenders fees, mortgage arrangement and survey fees if the purchase or sale of a residential property fails to complete for reasons beyond the control of the law firm’s client.

"The safeguarding of fees and disbursements, even in the event of a failed transaction, provides real peace of mind to clients and could give conveyancers the confidence they need to proceed with searches earlier in the process to help bring completion date forward," Harris explained.

The policy covers residential conveyancing fees (excluding auctions) up to £1,500 if the property being bought or sold falls through, or up to £3,000 if the client is both buying and selling.

To register for more information, visit the TM Group website.

tmgroup

https://www.tmgroup.co.uk/%20

tmgroup make the complexities in the property transaction beautifully simple; bringing together over 20 years’ experience as a leading provider of property searches, as well as related data and technology services, to support all connected parties across the chain – including residential conveyancers, real estate professionals, and estate agents – with the latest, innovative solutions to help improve communication, efficiency and collaboration. Thinking about switching? You’re in safe hands… To date, tmgroup have successfully processed over 20 million property searches. In addition, tmgroup holds ISO 27001 certification, Microsoft Gold Partner and Investors in People status, ORB (Organisation of Responsible Businesses) membership, and regularly receives great client feedback, including;

  • “The team are unfailingly helpful.” – Marina Wickens, Legal Director at Foot Anstey LLP.
  • “Easy to navigate and very simple to order. I love the choice of searches available. – Jane Stark, Partner at Rainbow Law.
  • “Thanks to tmgroup’s time-saving technology, we’ve significantly reduced the admin time per transaction, and this has helped our team work far more efficiently.” – Arash Dinari, Head of Commercial Property at Wolferstans Solicitors.
If you want to talk through any of the above, please get in touch directly with Martin Manning, Head of Account Management, on 07747 216424. Key Services
  • Residential Services include: Mapping Solutions, New Build Services, Risk Management, Quote tool, Consumer portal, Post-Completion, and mio Chain View
  • Commercial Services include: Premium, Managed Services, Land Registry Extract, Portfolio Service, Mapping Solutions, Post-Completion, and Risk Management
Address 1200 Delta Business Park Swindon Wiltshire SN5 7XZ Key Contact Name: Martin Manning Tel: 07747 216424 Email: Martin.Manning@tmgroup.co.uk Linkedin Acc: https://www.linkedin.com/in/m-manning

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