HOME PURCHASERS PROTECTION INSURANCE

There are many reasons why a house purchase may fall through. Here at M & R Financial we offer you an insurance which provides you piece of mind knowing that if your purchase was fall through your cost s would be covered for a three month period.

 

  1. The property is withdrawn from sale by the vendor for reasons beyond your control.
  2. The vendor receives and accepts an offer which is at least £1000 greater than the offer they have accepted from you.
  3. A local authority search highlights that the property is subject of a compulsory purchase order.
  4. The vendor is not legally entitled sell you the property.
  5. 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.
  6. 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.
  7. 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.
  8. The mortgage lender applies a retention to the loan which is more than 10% of the sum offered by you which has been accepted by the vendor.
  9. The property is damaged during the period of cover and the cost ofrectification work exceeds 10% of the property value.

If you are a private purchaser or a buy to let investor then the this policy is an excellent investment of just £69.99 (inc. IPT) to provide you with up to £1500 incurred expenses cover should the purchase fall through due to one of the insured events. £750 – for conveyancing fees, including Local Authority Searches £250 – for mortgage valuation fees/lenders fees £500 – for survey fees and valuation fees You are covered under the policy for 90 days and starts from the date when the solicitors or conveyancers are instructed, or a mortgage application is submitted to the lender, whichever happens first , and once written acceptance of your formal offer to purchase the property from either the vendor or their representative has been received. Cover can be incepted up to 7 days after this event

 

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