As well as the cost of purchasing a property, there are associated costs that form part of the process. You will need to pay for searches, a survey on the property and there may be non-refundable fees payable to the mortgage lender such as mortgage arrangement, product and booking fees.
You will automatically receive the benefit of our unique reimbursement scheme which we call ‘Buyers Protection’.
Our reimbursement scheme will protect you from some of the associated costs that you may incur when purchasing a property should the purchase fall through.
Please Note: Your Buyer’s Protection policy is not placed on risk until you have paid in full for your Legal Search Pack.
Maximum reimbursement amounts:
Up to £750 in conveyancing fees.
Up to £250 in mortgage arrangement fees/lenders fees
Up to £500 in survey fees/valuation fees
Valid Reasons for Reimbursement
The insurer will pay your conveyancing costs, mortgage arrangement fees, lenders fees and survey fees incurred by you and subject to the limit of indemnity in the event of the following:
-The property is withdrawn from sale by the vendor for reasons beyond your control
-The vendor receives and accepts an offer which is at least £1,000 greater than the offer they have accepted from you
-A local authority search highlights that the property is subject of a compulsory purchase order
-The vendor is not legally entitled to sell you the property
-You or the person purchasing the property with you, die, are made redundant or are relocated, and you are unable or unwilling to continue with the purchase of the property
-The initial mortgage lender’s valuation is less than 90% of the sum you have offered for the property which has been accepted by the vendor
-Prior to the release of funds the mortgage lender insists on rectification work to the property and the cost exceeds 10% of the sum offered by you which has been accepted by the vendor
-The mortgage lender applies a retention on the loan which is more than 10% of the sum offered by you which has been accepted by the vendor
-The property is damaged during the period of cover and the cost of rectification work exceeds 10% of the property value
Invaild reasons for Reimbursement
The insurer will not be liable for any costs and expenses:
-Incurred before the start date
-If you withdraw from the purchase of the property for any reason other than those specifically covered by this policy
-If you are aware of a previous survey having been carried out to the property up to 90 days prior to the start date that may give reasonable cause for the purchase to fail
-If you are aware, prior to the start date, of any circumstances which could lead to a claim being made under this policy
-If you deliberately and knowingly cause a delay or use unreasonable behaviour that results in the failed purchase
-Where they can be reimbursed by your employer or where your claim is covered by another policy where you are able to obtain a refund of costs which you have incurred
– Where, in the case of redundancy, you are self-employed, a company director or partner of the company giving notice of redundancy, or, the redundancy is voluntary
-Incurred in connection with the purchase of any mobile home, caravan, or any other type of non-permanent dwelling
How to Make a Claim
Home Purchaser’s Protection Insurance is a policy which provides insurance in the event that the contract for the purchase of the property you are buying fails to complete for the reasons set out in this document. This policy has been arranged by Qdos Broker & Underwriting Services Limited and is underwritten by UK General Insurance Limited on behalf of: Ageas Insurance Limited, Registered in England No. 354568, Registered Office: Ageas House, Tollgate, Eastleigh, Hampshire, O53 3YA.
Qdos Broker & Underwriting Services Limited, Windsor House, Troon Way Business Centre, Humberstone Lane, Thurmaston, Leicestershire, LE4 9HA
In the event your client wishes to make a claim, please telephone 01455 852100 or send an email to firstname.lastname@example.org as soon as they first become aware of any cause, event or circumstances which could give rise to a claim under this policy. All claims must be made in any case within 90 days of the date that you were aware that a claim may be made.
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Your home may be repossessed if you do not keep up repayments on your mortgage.