More than 1 in 4 property sales fell through in 2015 – are your clients covered by Buyer Protect?
Buying a property can be an exciting yet daunting process for homebuyers. Searches UK identified areas of risk during the purchase of a property and introduced Buyer Protect, an invaluable reimbursement scheme, to help protect the investment of homebuyers.
In the event of a failed purchase Buyer Protect will protect the homebuyer’s money up to the value of £2,050, covering costs such as solicitor’s fees, mortgage broker fees, valuation fees and product and booking fees.
During 2015 more than 1 in 4 property sales fell through according to Quick Move Now, evidence enough to encourage homebuyers to add the Buyer Protect reimbursement scheme to their orders when processing their conveyancing searches with Searches UK.
The majority of house purchase failures were a result of buyers changing their minds and problems being identified in valuations or surveys, reasons which are covered by Buyer Protect, meaning homebuyers would be reimbursed the fees they had initially paid out.
If the homebuyer changed their mind they would only be covered by this scheme if the reasons for this decision were included in the terms and conditions of the protection. There are a number of covered outcomes but some of the most popular are if the property sustained damage during the period between offer and exchange of contracts where the total costs of rectification work exceeded 5% of the property value and if the mortgage lender applied a retention on the mortgage for the property and the figure exceeded 5% of the original sum that had been accepted.
Andrew Stenning, Managing Director, at Searches UK said:
“Buyer Protect is a fantastic reimbursement scheme and a great product for solicitors and conveyancers to offer their clients. These figures support the need for a reliable reimbursement scheme and our straightforward claims form means it is easy for homebuyers to apply to get their money back in the event of a failed purchase.”
Solicitors and conveyancers alike praised this scheme, which entered the property market in 2013, and were often surprised by the positive impact this product had on their business when they offered it to homebuyers as an additional benefit with their search orders.
As an established reimbursement product, Buyer Protect boasts a 100% pay out history meaning every homebuyer that has had to make a claim through the scheme has been able to get their money back.
Buyer Protect is offered to every client processing search orders through Searches UK and must be added to an order for the homebuyer to be able to take advantage of this fantastic scheme.
Homebuyers are covered for a multitude of reasons including those already mentioned and in addition to the vendor having received and accepted an offer from another buyer which was a minimum of £1,000 greater than the offer they had previously accepted and if the property was withdrawn from sale by the vendor due to reasons beyond the homebuyers control.
A comprehensive breakdown of this protection can be found by visiting www.buyerprotect.co.uk.
This product can very easily be added to a pack or order, to discuss this further with a member of the Searches UK team contact their main office number on 0800 043 1815 for all help and enquiries.
For more information about any of the products and services from Searches UK visit their website and follow them on Facebook, Twitter, LinkedIn or Google+. Alternatively call them directly on 0800 043 1815 or email them at [email protected] to speak to one of their dedicated team today.
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.