Home Buyers Protection Insurance UK up to £2,500
Home buyers protection insurance Comparison
Buying your first house or moving to a different residence can be fraught with stress. One day everything is running smoothly and the next the chain is broken. Apart from the gloom of a deal falling through, you most likely ha s solicitor and others fees which are non-recoverable. This is the purpose behind home buyers insurance, a policy that is built to protect these additional costs that you have burdened and these can be substantial. The risk of a deal falling is real for first time buyers even experienced buy to let investor.
It does not matter whether you are a first-time buyer or an experienced buy-to-let investor, these issues are part and parcel of the home-buying process.
Why you need Home Buyers Protection Insurance
Research carried out by Which in 2016 revealed that 3 out of 10 property sales fell through, that is nearly one in three. Whilst 16% did not lose out financially, the remainder did lose a substantial amount due to survey fees and brokering costs. The average loss was £1,000 with 5% losing a whopping £5,000 and above. Property chains contributed the most to failed sales. If able, it is best to avoid properties that in a chain. This includes properties that the owner had died or the vendors second home and is currently vacant.
What is included in Home Sellers Potection insurance?
Buying a home is stressful enough without the financial worry of a sale falling through. Home Buyers' Protection Insurance helps cover legal, survey and mortgage lending costs should your purchase fall through.
What is Gazumping?
Gazumping is less common, but when house prices are on the rise it can be quite common. The term is used to describe the situation in which you have come to an agreement with the vendor on the sale price. The buyer and seller (vendor) have verbally agreed on the sale. The next stage is the signing of contracts to finalise the sale. During this period, the vendor may receive a much better offer, if they accept you have been gazumped. When it comes to money, ethics can take a back seat. The good news is that home buyers protection insurance will protect you in such a situation, taking care of any costs that you had incurred.