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Insurance Product Information Document
It is important that you read this document carefully along with the Policy Wording provided for full details of the policy, including what you are covered for and any exclusions or limitations on the policy.
It is important that you read this document carefully along with the Insurance Product Information Document provided for full details of the policy, including what you are covered for and any exclusions or limitations on the policy.
This is a Home Buyers’ Protection Insurance policy which will pay the costs and expenses if the purchase of a property is failing or fails. The maximum we will pay under the policy is either £1,650 or £3,000 depending on the level of cover purchased.
You must provide full and accurate information to all questions asked. Your answers must be true to the best of your knowledge and belief. Your answers will form part of the statement of facts on which your policy will be based. If you become aware that information you have given us is inaccurate or has changed, you must inform us as soon as possible. Failure to do this may invalidate your policy and claims may not be paid. You must observe and fulfil the terms, provisions, conditions and clauses of this policy as failure to do so could affect your cover.
For cover to be in place you must have paid the agreed premium as shown on your schedule.
You can only pay your premium as a one off payment at the start of your policy.
Payment can be made by debit or credit card or by BACS transfer.
All claims must be reported during the period of insurance, immediately after you became aware of circumstances, which may give rise to a claim
You do not deliberately and knowingly cause a delay or use unreasonable behaviour that results in the failed purchase
The purchase of the property is not subject to a contract race or sealed bids
You are using a solicitor or licensed conveyancer to conduct the conveyancing of the property
You have not had a survey carried out on the property
You have made an offer to purchase the property and that offer has been accepted by the vendor in writing
An application for any mortgage on the property has been agreed in principle
The policy is issued no later than three working days from the date on which you first instruct a solicitor or licensed conveyancer.
Do sales fall through?
Worried about potential hiccups in property purchases?
Back in 2016, a study by Which? found that approximately 30% of property deals hit a snag and fell through. This led to an average lost expense of £2899 for each hopeful homeowner. Imagine losing money you’d already shelled out for things like conveyancing, surveys, valuations, and mortgage applications. That’s where the right coverage comes in handy when you’re on the path to owning a home especially if you are a first-time buyer.
Whether it’s a sudden change of heart from the seller, getting outbid at the last minute, or other unexpected twists, know that our policy is like a safety net for you.
Some common reasons for these hiccups are:
The seller having a change of heart and pulling the property off the market;
Being outbid after agreeing on a price;
The property’s value, as assessed by the mortgage lender, being lower than the agreed-upon amount;
The mortgage lender requiring repairs before approving the loan;
Survey results revealing necessary fixes;
Buyers backing out due to life changes (like job shifts or job loss).
Buying a home after the COVID-19 pandemic? Dive into our blog about the unique considerations during these times titled Buying a home during COVID.
Is there an excess fee?
No, there is no excess to pay in the event of a claim.
How long am I covered for?
You are covered for 180 days from the date your cover starts.
Can I cancel my policy?
Yes. You can cancel without charge within 14 days of the start date of your policy. On the condition that no claims have been made or are pending, we will refund your premium in full, less an administration fee as per our terms and conditions.
If you wish to cancel your policy after 14 days, you may do so by giving us notice in writing. may cancel the policy at any time however no refund of premium will be available.
Which insurer underwrites this policy?
This policy is underwritten by C&C Insurance Company PCC Ltd.
Will the policy cover a new build property?
I’m buying a flat, can I take out cover?
I'm a landlord, will you cover a buy-to-let property?
Am I covered for the deposit I have to pay to secure the property?
No. See What’s Covered or the policy documentation.
Can I transfer the cover to another property if the property I intend to purchase falls through?
No. The policy only covers the property that you are buying at the onset.
Need to Claim?
Logging a claim is quick and easy.
You can log a claim in your customer portal 24 hours per day 365 days of the year.
Alternatively, you can telephone us on 0345 548 1101.
Please make sure you have complied with the policy wording to ensure that the insurer accepts and resolves your claim in a timely manner.
Some extra bits
Important points to note
With the current state of the housing market it is important that you always obtain the right advice when purchasing a property.
The conveyancing process is complex and must be carried out by a solicitor or licensed conveyancer. If in doubt, check the conveyancer’s professional qualifications and registration.
Cover is valid for 180 days from the start of your policy or until you make a claim, cancel the policy or complete your purchase.
The policy will not cover you if you withdraw from the purchase for any reasons not included in the policy terms and conditions. By way of an example, you will not be covered if you simply change your mind.
The policy must be purchased within 3 working days of you instructing your solicitor or licenced conveyancer.
Curious about the expenses that come with buying a property?
Getting your dream home can come with a mix of costs. Here are some of the charges to keep in mind:
Conveyancing Fees: These are what you pay to your solicitor or licensed conveyancer. They cover the legal side of buying and selling a property, including their time and other costs.
Electronic Transfer Fees: When money moves from the lender to the solicitor or from the solicitor to the seller, there are costs associated with these transfers.
Survey Fees: Ensuring the property is safe and right for you involves a survey cost. This makes sure it’s structurally sound for your purchase.
Valuation Fees: Lenders need to assess the property’s value to figure out how much they can lend you. This process comes with its own fees.
Lenders Fees: These take care of the admin work for your mortgage application.
Mortgage Arrangement Fees: These fees handle the setup of your mortgage arrangement with the lender.
Mortgage Deposit: This is a percentage of the property’s value. Usually, it starts at 5% and is paid during the purchase’s exchange or completion.
Stamp Duty Land Tax: When buying a home above £125,001, the government charges a tax. If you’re a first-time buyer purchasing a home under £300,000, this tax might not apply to you. Also, if you’re buying a second property, there’s a different threshold, usually at £40,000.
Remember, each of these steps is a part of the journey toward getting your new place!