Home buyers who have benefitted from Stephensons Solicitors LLP’s Homebuyers Plus service have recouped more than £3,286 in fees.
The service is available to buyers who use Stephensons to handle their conveyancing, and is aimed at preventing them from losing out financially if they are ‘gazumped’ or lose their purchase through other means.
Since the service was launched in April, ten home buyer’s transactions have fallen through. The majority have lost out because of gazumping, others had adverse surveys and one was cancelled because the sitting tenants would not move out.
Tom Bridge, managing partner of Stephensons Residential department, said: “Homebuyers Plus gives our conveyancing clients added comfort if they find themselves in the situation that affects thousands of property purchases each year.
“While it’s unfortunate that some have lost out on properties due to problems out of their control, many have gone on to find other properties and of course being able to recoup the costs in these current tough economic conditions is an additional relief.”
Steve Davies used the service when he was gazumped. He said: “I was deeply disappointed when my purchase fell through due to another buyer making a higher offer which I was unable to match. However I was happy when Stephensons was able to reimburse all of the fees I had paid under the Homebuyers Plus Scheme. This enabled me to buy another property and I was very happy to instruct Stephensons and would not hesitate to instruct them in future.”
Another customer, Mr Mughal, commented: “I wanted to say thank you for giving me the benefit of your Homebuyers Plus scheme. When purchasing a property, one of the major concerns is that you will expend money and then for reasons out of your control, the purchase does not proceed to complete and you are left out of pocket.
“I recently had this experience. However thanks to Stephensons I have been able to recoup the survey fee I paid and the cost of the searches which has been a great help to me as I have now found another property to purchase.”
Every client of Stephensons buying a property is now offered the service at no additional cost. Stephensons will reimburse buyers for specific costs they have incurred if the property if withdrawn from sale by the vendor for reasons beyond the buyer’s control. They will also re-imburse the client if the seller receives an offer greater than £1,000 from another buyer, and accepts it. In addition, if a survey is carried out which identifies rectification work to be done, which exceeds 5% of the property value, and the buyer decides to withdraw, the costs will be reimbursed.
Costs which will be reimbursed would include up to £600 against loss of solicitors disbursements, up to £500 for mortgage arrangement fees/lender fees and up to £750 for survey fees, subject to satisfying the agreed criteria.
The list of costs covered is extensive, but there are some events that aren’t and these will be made clear to home buyers at the outset. The complete list of terms and conditions can be found at: Homebuyers Plus.
Stephensons has been helping people to move home for more than 30 years, and undertakes all areas of residential conveyancing including purchases of all types of property, including right to buy purchases, sales, and re-mortgages. The firm is also offering a free basic Will with every Conveyancing instruction, subject to terms and conditions and 10% off fees for First Time Buyers.
For more information on Stephensons’ conveyancing service, call 01616 966 229 or email enquiries@stephensons.co.uk.
ENDS
Notes to editors
Stephensons is a North West regional law firm with a national reputation and reach.
Media information Lianne Tracey
Stephensons Solicitors LLP
T: 01616 966 229
E: lianne.tracey@stephensons.co.uk