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Insurance against house purchase falling through
bluep
Posts: 1,302 Forumite
Has anyone come across insurance against a house purchase falling through. I just have a funny feeling that our seller might not go through with it and I don't want to get caught short on solicitors and valuation fees. I'd much rather pay £60 for a policy than lose £900 on it falling through.
The only insurance policy I could find offered a "voucher" back against the cost of a survey which wouldnt' suit us as our mortgage co insit on using their own approved valuerers.
I did try a search on the forums but it only brought up some very very old posts and nothing that led to a current policy.
The only insurance policy I could find offered a "voucher" back against the cost of a survey which wouldnt' suit us as our mortgage co insit on using their own approved valuerers.
I did try a search on the forums but it only brought up some very very old posts and nothing that led to a current policy.
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Comments
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It's not something that exists. The risk is very high for an insurer and the cost to risk ratio will be high. If it was offered you would be paying a very high premium.Eat vegetables and fear no creditors, rather than eat duck and hide.0
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Has anyone come across insurance against a house purchase falling through. I just have a funny feeling that our seller might not go through with it and I don't want to get caught short on solicitors and valuation fees. I'd much rather pay £60 for a policy than lose £900 on it falling through.
The only insurance policy I could find offered a "voucher" back against the cost of a survey which wouldnt' suit us as our mortgage co insit on using their own approved valuerers.
I did try a search on the forums but it only brought up some very very old posts and nothing that led to a current policy.
Funnily enough our conveyancer offered us insurance against their fees if the purchase fell through for any reason. It was 60 quid (10%).0 -
Quite a lot of solicitors provide a form of insurance against transactions falling through - generally only to pay their professional fees and VAT and not search and other fees that may have been expended. Sometimes this is at an extra cost, sometimes the fee is higher to take into account a "free" abortive costs insurance.
It generally does not cover survey fees etc. In some cases they only pay out if it is the other person's "fault", which could cause some interesting arguments.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0
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