Moving home is a stressful experience. There are so many potential pitfalls to negotiate. And when you toss in the uncertainty around completing a property sale or purchase, it can add up to a fraught time for buyers and sellers.
According to 2016 figures from consumer watchdog Which?, almost three in 10 property purchases fell through, costing buyers an average £2,899 in wasted fees and charges. Of the 2,000 recent home buyers quizzed by Which?, 28 percent said they’d had an offer accepted on a property only for the sale to collapse before completion.
The figures from a more recent survey from independent home buyer Quick Move Now are even higher, suggesting 38.8 percent of sales fall through before completion. Its data on the fail rate of transactions covers the first quarter of 2018.
Some of the factors that can hinder or even halt a sale may be negated by the proposed changes to the property industry recently announced by the Government. After a consultation involving industry professionals, the Government intends to professionalise estate agents, crack down on gazumping and speed up the return of local authority searches.
Securing homebuyer’s finances
Buyers need assurance their finances will be protected when they make an offer on a property. After all, for most people, buying a home will be the biggest financial commitment of their lives.
At Searches UK, we can help solicitors provide that assurance to clients through the Buyer Protect Reimbursement Scheme, which provides a pay out if a property purchase falls through.
All solicitors processing search orders through Searches UK can add on Buyer Protect to offer an excellent level of financial protection for their client. This policy is not available directly to consumers and can only be purchased through a conveyancer or solicitor.
Quick process when it comes to a claim
Where a transaction fails to progress, Buyer Protect covers the buyer for some of their expenses, up to the value of £2,050*.
The Buyer Protect Reimbursement Scheme offers these maximum reimbursements:
- Up to £500 in non-refundable, mortgage lender arrangement fees, mortgage broker fees, and product and booking fees.
- Up to £750 in valuation fees (HomeBuyer Report, structural surveys).
- Up to £800 in solicitor’s fees and disbursement costs.
Making a claim is easy and can be done online without fuss. Electronic documents can be uploaded to support the claim, which will be reviewed within seven working days. Successful claims will receive a pay out within 10 working days, ensuring clients are not out of pocket for any length of time.
Here are some testimonials from our clients:
‘We had two house purchase disasters within the space of 7 months. The first property was found to have a major structural issue and the second property fell through when the vendor decided not to move. On both of these purchases we had paid out for surveys, searches, mortgage administration costs and legal costs. Searches UK quickly and efficiently provided us with refunds of our costs on both of these purchases. We would have lost several thousand pounds without their buyer protection. I can’t recommend them enough. Absolutely brilliant’
‘First class service. I would be happy to recommend the service to anyone.’
Talk to Searches UK today about how you can give your clients financial peace of mind when they make an offer on a property.
This article was submitted to be published by Searches UK as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.
