Home Buyer Protection Insurance

Protect your upfront costs when buying a property

Quote and Buy Now
 

What is Home Buyers Protection Insurance?

 
 

Startling as it may seem, a Which? Survey in 2016 showed that more than 30% of property purchases fell through at an average unrecoverable cost to purchasers of almost £2,900. As if buying a new property wasn’t stressful enough, the risk of incurring unrecoverable expenses when a purchase fails makes the situation far worse.

Cover for individuals and Buy to Let landlords
As either a Private Home Buyer or as a buy to let investor, you are not immune from circumstances outside of your control scuppering your purchase and leaving you out of pocket.

What does this product protect against?
Home Buyer Protection enables you to claim back some of your conveyancing fees, survey or valuation fees and mortgage or lenders fees in the event of the purchase falling through, up to £2,250 in total, incurred in the event that circumstances outside of your control mean that your purchase cannot proceed. There are two policy options with differing cover levels that you can chose from shown opposite.

Our Home Buyer Protection Insurance is brought to you in partnership with Nice-1

What does home buyer protection cover?

  • Gazumping

    • Cover is provided if the vendor withdraws from the sale due to an alternative offer being accepted which is at least £1,000 more.

  • General withdrawal by the vendor

    • Cover is provided if the sale does not proceed through no fault of yours.

  • Legal search

    • Costs incurred following an adverse legal search.

  • Adverse property valuation

    • The lenders valuation being less than 90% of the amount you have offered.

  • Detrimental structural defects

    • Leading to a revised valuation at least 10% below the price you offered.

  • Diagnosed with a terminal illness

    • You are diagnosed with a terminal illness and unable to proceed.

  • Employee redundancy

    • You are given notice of redundancy and you are unable to proceed; however, this cover is not available to the self-employed, directors of companies and partners.

  • Damage to the property during purchase

    • Cover is provided if damage occurs during the purchase process, and the cost is more than 10% of the value of the property.

  • Period of cover 180 days