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Gazumping insurance - does it actually exist?
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Fleeb
Posts: 19 Forumite
I'm planning on offering on a repossession property, I am aware there is at least one other interested party and the house condition is such that I will have to have a full structural survey performed.
The chances of being gazumped seem high to me and, due to the expense of the survey, the potential losses are significant. I have seen insurance against being gazumped mentioned in a few older articles on home buying, but can only find one firm of solicitors currently offering anything along those lines (Stephensons Solicitors Homebuyers Plus service).
Does gazumping insurance actually exist? Does it have a different name ("Homebuyers risk insurance" or something) and I've been using the wrong search queries?
Also has anybody here used the Stephensons Homebuyers Plus service and would you recommend it?
The chances of being gazumped seem high to me and, due to the expense of the survey, the potential losses are significant. I have seen insurance against being gazumped mentioned in a few older articles on home buying, but can only find one firm of solicitors currently offering anything along those lines (Stephensons Solicitors Homebuyers Plus service).
Does gazumping insurance actually exist? Does it have a different name ("Homebuyers risk insurance" or something) and I've been using the wrong search queries?
Also has anybody here used the Stephensons Homebuyers Plus service and would you recommend it?
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Comments
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Who is imposing the 'full structural survey' condition?
EDIT - sorry, i see it is the house condition that has led you to consider a full structural survey..."You were only supposed to blow the bl**dy doors off!!"0 -
The house has had major subsidence in the past. It appears extensive remedial work has been done since but even so I think only the very brave or foolhardy would buy this particular house without a survey.0
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Have you considered house insurance on such a property? I wouldn't be surprised if you get a number of no quotes.The smaller the monkey the more it looks like it would kill you at the first given opportunity.
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