After two failed house purchases (down to no fault of our own) we are just about to start the process of atempting to purchase the third house, after nearly 6months and hundreds of pounds I am a little frightened to spend the movey again on searches, solisitors and mortgage fees if this sale was to fall through as the last ones did. Someone mentioned to me when they bought their house they took out an insurance to cover the sale falling through - Do you know is this possible and who provides this service?

Many Thanks

Helen

 

 

I am sure it is possible, although I havent come across it before.

have you asked the estate agent to advise?  They must be able to find out if they dont currently know. 

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Dave

P.S. I feel obliged to point out, I am speaking from experience and my own personal views above - I am not an advisor, nor an expert.

Hi Helen

Good news and bad news here, I have heard of this but only by people talking about it that it is available etc, through whom I dont know as I've researched it several times and have drawn a blank each time when trying to find out costs, who provides it etc.

Have you spoken to a local mortgage broker, they may know more about it?

Peter

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Peter

Dear Helen,

you can indeed get Home Purchase Insurance. Please see the following details cut and pasted from the website I have just discovered it on:

Buyer's Protection.

BUYING A HOME?

Take cover from the unexpected with Buyer’s Protection

Home ownership made easier by Legal & General

If you are about to start the process of buying a home you have probably looked at all the costs involved.  Whilst we hope your purchase will go smoothly things can sometimes go wrong.

As a property buyer, you face the possibility of finding yourself out of pocket due to survey/legal fees if your home purchase falls through.

Now, thanks to Buyer’s Protection from Legal & General, you can reclaim up to £400* in costs if your home purchase does not complete.

* A voucher up to the value of £400 comprises legal fees up to £150 and valuation or arrangement fees up to £250.  Lender arrangement fees are covered under the valuation element of the £250 only if there is a free valuation on the mortgage scheme chosen.

Buyer’s Protection is designed specifically to protect you in the event of the following unexpected circumstances:

• Gazumping or vendor (seller) withdrawal, for any reason other than unreasonable conduct or delay on your part.
• Adverse valuation – where the mortgage lender values the property at more than 5% below the agreed purchase price, or if work needs to be completed on the property, which will cost more than 5% of the agreed purchase price.
• A change in your circumstances – if you are unable to complete the property purchase due to your employer either instigating relocation or notifying you of impending involuntary unemployment and your not being re-employed prior to completion.

I hope this is helpful to you and to anyone else who is using this site

 

Best regards

 Annie B

 

I know it has been a while since this question was posed,but if anyone is still looking for this type of insurance I have come across a company which offers this.

If you look at www.protectmove.com they offer £1500 cover against the purchase failing.The policy only costs £69.99 so its a bit of a no brainer ! I have just purchased it ,and I feel a lot happier that if anything goes wrong I am going to get my expenses back,which in these unstable times is a real bonus.

I hope this helps anyone else looking for this type of insurance

Josh