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Homebuyers' insurance
rainbow12
Posts: 182 Forumite
I am looking to buy a property. Is it worth getting homebuyers' protection insurance?
I have seen one that costs £80 and covers:
– £750 towards conveyance fees
– £500 towards survey/valuation fees
– £250 towards mortgage/lenders fees
I know the £250 towards mortgage lender's fees is unlikely to cover the full cost but the conveyancing and survey seems reasonable if the sale fell through.
The cover is mainly in case the vendor pulls out with no fault of my own or gazumping.
Has anyone used this type of cover and does it seem worth it?
Thanks
I have seen one that costs £80 and covers:
– £750 towards conveyance fees
– £500 towards survey/valuation fees
– £250 towards mortgage/lenders fees
I know the £250 towards mortgage lender's fees is unlikely to cover the full cost but the conveyancing and survey seems reasonable if the sale fell through.
The cover is mainly in case the vendor pulls out with no fault of my own or gazumping.
Has anyone used this type of cover and does it seem worth it?
Thanks
0
Comments
-
All about risk isn't it?
If you feel the risk is high of the sale falling through, £80 could be well spent.
If you feel the risk is low of the sale falling through, £80 is added to the cost of your house purchase.0 -
Who determines no fault of your own? What happens if the survey comes back and you try and renogiate they say no and pull out of the sale? I just feel there would be too many loop holes they would try and exploit however it is your choice.0
-
Assuming it offers reasonable cover it may only cost a small amount more to extend the levels of cover to cover your potential losses. I would not be surprised if it would be circa £30 extra.
In my mind you either have cover for the actual amounts you need or you take no cover0
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