Local property expert, X-Press Legal Services is urging home buyers and sellers across Kent to protect themselves from transaction fall throughs this summer.
Almost 65,000 property transactions (that’s sales and purchases) fell through during the first quarter of 2024, costing each consumer thousands of pounds in lost fees.
Starting a property transaction whether buying or selling involves consumers spending over £1,000 upfront on required services such as mortgage lender fees, conveyancing fees and property searches.
Keen to protect consumers’ cash, X-Press Legal Services is now urging those entering new property transactions to request a little-known insurance product from their solicitor or conveyancer – Home Buyer Protection.
Much like the insurance we all take out when booking a summer holiday, Home Buyer Protection provides a cushion of insurance protection if a property transaction fails to complete due to reasons beyond the control of the buyer or seller.
“As much as we all hope for a smooth purchase or sale, the reality is that property transactions are unpredictable,” commented Lee Colmer of X-Press Legal Services Kent. “Sometimes people change their minds, surveys reveal unexpected issues or external factors cause transaction to fail.
“Home Buyers Insurance acts as a safety net, offering peace of mind to consumers paying upfront for property services required during the buying and selling process. If the transaction fails and it isn’t their fault, they will be able to reclaim some costs. You wouldn’t go on holiday without travel insurance, and neither should you enter into the huge expenses of buying a property without protecting your finances from the outset.”
Property transactions entail an array of risks, both known and unforeseen during the 144-day average journey from solicitor instruction to purchase completion. Home Buyer Protection covers a spectrum of costs associated with the transaction process, including mortgage arrangement fees, professional fees (including legal costs) and disbursements.
“Losing out on a dream property purchase or sale is emotionally tough enough without the added strain of financial loss,” added Lee. “With this insurance costing just £69 per transaction, consumers can dust themselves off and start again, safe in the knowledge that if the worst happens, they have a safety net in place.”
Consumers interested in Home Buyer Protection can read the full policy details and order it directly via X-Press Legal Services’ Home Risk Reports website.
X-Press Legal Services has earned its reputation as a trusted independent property search provider, offering valuable insights and meticulous searches to facilitate informed property decisions. To find out more about X-Press Legal Services and the expert property searches they supply, please visit xpresslegal.co.uk