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Home buying insurance
Yorkie1974
Posts: 62 Forumite
We're just going through the process of selling our house and buying another - the first cheque for £275 went off to our solicitor yesterday.
I have been mulling over getting home buyer protection insurance - effectively, this means that if the purchase collapses for a host of reasons, we can claim on the policy for any money spent on solicitors, searches, surveys and mortgage application fees (to a certain level). I've found three different policies, priced from £35-£50 offering similar cover of up to around £2500.
What they don't cover is the purchaser of our house pulling out, which could cause the chain to collapse (albeit currently a small chain - we're selling to a first time buyer and buying from someone who is not purchasing another property).
Are these policies good value, given that they only cover half of the transaction? There are other brokers that offer policies that seem to cover both, but they are all 'contact us for details', and at least two that I've found have pages aimed at insurance brokers, rather than consumers.
I have been mulling over getting home buyer protection insurance - effectively, this means that if the purchase collapses for a host of reasons, we can claim on the policy for any money spent on solicitors, searches, surveys and mortgage application fees (to a certain level). I've found three different policies, priced from £35-£50 offering similar cover of up to around £2500.
What they don't cover is the purchaser of our house pulling out, which could cause the chain to collapse (albeit currently a small chain - we're selling to a first time buyer and buying from someone who is not purchasing another property).
Are these policies good value, given that they only cover half of the transaction? There are other brokers that offer policies that seem to cover both, but they are all 'contact us for details', and at least two that I've found have pages aimed at insurance brokers, rather than consumers.
0
Comments
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Cheque.........wait while I look on google images
I personally wouldnt bother with home buyers insurance as it doesnt seem good value in this case but thats up to you.0
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