Abortive Transaction Insurance
A fact of conveyancing is that not all transactions run smoothly. The process can be risky and stressful.
People change their minds, surveys might come back with horrifying results; occasionally someone comes along with a better offer!
With around one in five residential sales collapsing before completion¹, a buyer stands to lose an average of nearly £1,000 in conveyancing costs on every failed transaction.
Things like conveyancing, mortgage set up fees and surveys will need paying, regardless of whether the transaction completes.
Our Home Buyers insurance and Home Sellers protection can help mitigate some of the risks and fees incurred should a sale fall through. The primary purpose of this insurance is to offer financial protection and peace of mind to both parties involved property selling & buying transactions.
It can include cover for:
- the vendor withdrawing and accepting an alternative offer from another buyer
- death, unforeseen illness or bodily injury caused by accident, applicable to either party
- the buyer withdrawing their offer after an adverse Legal Search
- the buyer withdrawing if a Mortgage Lender’s valuation is less than 90% of the accepted offer
- the buyer withdrawing following a survey which shows structural defects, needing remedial works which is more than 10% of the property value
- the buyer or vendor withdrawing due to unexpected redundancy
- the buyer or vendor withdrawing due to the employer no longer moving their premises
Call our Community Broking team based in Exeter to speak to one of our cover experts.
1.www.propertyreporter.co.uk/property/one-in-five-sellers-experience-a-sales-collapse.html
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