Conveyancing fees - insurance against sale falling through?

billybob_2

I've had my fingers burnt in the past with a sale falling through on the day of exchange, and being left with legal fees galore. I'm just in the progress of getting quotes from solictors for moving again and my estate agent mentioned there was an 'insurance' available to pay out in the case of an unsuccessful sale. He didnt know what it was called. Where can I buy this policy and how much approx?

frugglewump

Some of the quotes i've received from conveyancing firms today have had this added in. So far the average cost has been £60. I can't tell you where you can get this independently though.

Debras_Angel

billybob wrote:

I've had my fingers burnt in the past with a sale falling through on the day of exchange, and being left with legal fees galore. I'm just in the progress of getting quotes from solictors for moving again and my estate agent mentioned there was an 'insurance' available to pay out in the case of an unsuccessful sale. He didnt know what it was called. Where can I buy this policy and how much approx?

Hi Billybob,

Sounds a bit expensive, is that for both your sale and selling your house, I only paid £35 for my insurance and glad I did as my buyer has fell through. The cost only covers the conveyancing fees and not the search fees that you may have paid, but it's still worth it. I got the insurance thorugh the conveyancing company.

HTH

Debs

distilled

Think PPI! More get out clauses than you can shake a stick at! Its yet another expense than you can probably do without. A good conveyancer is worth their weight in gold, but as with all transactions in housebuying, s**t happens!

billybob_2

distilled wrote:

Think PPI! More get out clauses than you can shake a stick at! Its yet another expense than you can probably do without. A good conveyancer is worth their weight in gold, but as with all transactions in housebuying, s**t happens!

I've had two days at home with the kids and am obviously braindead as to what this is!

frugglewump

billybob wrote:

I've had two days at home with the kids and am obviously braindead as to what this is!

PPI = payment protection insurance. You see it on loans & credit cards.

Further to you original question I've looked at the insurance on those quotes I mentioned further up the thread - it only covers the solicitor's fees not the disembursements. I decided it would be cheaper to find a "no sale no fee" conveyancer and got a quote on those terms via https://www.cheapcheapconveyancing.co.uk