A new type of insurance, “Residential Abortive Transaction Insurance”, has been launched which covers if a property transaction fails to complete for any reason beyond your control, during any part of the transaction chain.
Northcott Beaton Insurance Brokers (along with DAS — Europe’s largest Legal Expenses Insurer) has developed the policy which covers both buyer and/or seller for any legal fees and disbursements, mortgage arrangement fees, lender fees, valuation report fees and homebuyers survey fees.
Northcott Beaton believes the product could give conveyancers the confidence to proceed with the searches earlier in the process and potentially afford their clients an earlier than average completion date.
Their prices start from £26.50 per case with the policy incuring a nil excess.
For further details, pricing or to find a local conveyancer who is offering this cost saving aid, please email andy@northcottbeaton.co.uk or call 01392 426046.
