Homebuyers Plus - conveyancing

Homebuyers Plus provides you with the additional peace of mind that you will not be out of pocket should your property transaction fail to reach completion*. Call our residential conveyancing team on 0203 816 0076 for a free, no obligation initial chat with one of our legal advisors, or complete our online enquiry form.

Moving home is sometimes perceived as one of the most stressful events in someone’s life. Today more than ever, the process of moving home requires significant capital outlay and sometimes through no fault of your own things can go wrong, potentially meaning you could well be significantly out of pocket.

As well as the cost of purchasing a property, there are associated costs that form part of this process. You will need to pay your solicitor for a number of searches, arrange for a survey on the property, plus there may be associated lender fees for your chosen mortgage.

As a benefit of instructing Stephensons you automatically receive the benefit of Homebuyers Plus.

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Homebuyers Plus - An explanation

Homebuyers Plus will protect some of the associated costs that you will incur when purchasing a property should the purchase fall through.

The list of costs covered are extensive; although there are some events that are not covered (full details available on request). Homebuyers Plus will give you that peace of mind by us reimbursing certain out of pocket expenses should your purchase not complete.

An explanation

Reimbursement available for

  • Non-refundable, mortgage lenders arrangement fees
  • Valuation fees (homebuyer, structural surveys)
  • Solicitor’s disbursement costs e.g. searches
  • Solicitor’s fees.

Up to £1,500 of protection.

Valid reasons why we will reimburse you:

The vendor receives and accepts an offer from another buyer.

We will also reimburse you if you decide not to proceed with the purchase for the following reasons:

The mortgage lenders survey or valuation on the property identifies that rectification work needs to be carried out, the cost of which exceeds 10% of the sum you have originally offered or values the property at less than 90% of the sum you have offered for the property and which has been accepted.

A local authority search highlights that the property is the subject of a compulsory purchase order, on contaminated land or over a mining area or there is a defect in the title and this can not be rectified or the vendor is not legally entitled to sell the property.

You or the person buying with you, die or contract a critical illness or sustain a serious injury.

Are given notice of redundancy or are given notification of relocation and either you or the person buying with decides not to proceed with the purchase.

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There are a few circumstances where we will not reimburse you, they are as follows:

If one of the mentioned events happened before you instructed us.

Costs incurred before you instruct us.

If you withdraw from the purchase of the property for reasons other than those mentioned.

If you deliberately and/or knowingly cause a delay or use unreasonable behaviour that results in the failed purchase.

If the purchase has not exchanged within 12 months of being registered with us. If you are aware of a previous survey having been carried out to the property that may give cause for the purchase to fail or of any other circumstances, which could lead to the failure of the mortgage completing.

The property being identified as being in a flood risk area.

We will not reimburse a mortgage lender arrangement fee if you still use the newly arranged mortgage on the next purchase.

In the case of redundancy we will not reimburse you if you are self-employed, if you have taken voluntary redundancy or if you are a company director or partner of the company giving notice of redundancy.

We will not reimburse you if you provide false or fraudulent information to us.

The vendor withdraws the property from market or the transaction cannot complete for a reason beyond your control.

Homebuyers Plus is an insurance policy underwritten by DAS of DAS House, Quay Side, Temple Back, Bristol, BS1 6NH.

Download PDF details on Homebuyers Plus

If you would like more information on our conveyancing services contact our specialist team on 0203 816 0076 or request more information via our online enquiry form.

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