For less than £90 (including IPT) you can add the Residential Abortive Transaction Insurance from PSG to your instructions and help safeguard your fees whilst also providing additional peace of mind.
As part of our service we offer the Residential Abortive Transaction Insurance (RATI) if your matter does not proceed for reasons outside your control, then our fee is cover by the Insurance. This also includes the fees for the disbursements already incurred at the point of cancellation.
However this might be only part of the solution.
According to a recently released 'Fall Through Index' complied by Quick Move Now, over a quarter of home sales fail to complete, which is the highest number of aborted transactions that the market has seen since mid 2012.
With our still fragile economic climate, it is important that in the event of a transaction failing to complete, you are not left out of pocket.
What is covered?
The policy, which is underwritten by DAS, Europe's leading legal expenses insurer, is available in two formats, one for the purchaser and one for the vendor and each will provide a limit of indemnity of up to £1500 covering:
- Legal fees and disbursements
- Mortgage arrangement costs
- Lender fees
- Survey fees
- Valuation report costs
- Homebuyer's survey fees
The buyer's policy* will be triggered if the transaction is aborted due to:
- Mortgage Lender valuation being less than 90% of the sum offered
- Employers relocation not completing
- Involuntary unemployment
- Death, unforeseen illness or bodily injury
- Adverse entry on the searches excluding flood
*Subject to the policy terms and on purchases which have searches carried out.
We will offer this option on all our quotations.