Buyers protection?

SJE89

Is there any way of protecting myself against certain expenses when buying a property?
We’ve had an offer accepted on a property and got a quote fro a mortgage and our advisor is submitting the application for us.
We also have a quote for conveyancing .
The advisors say that their fees are payable once and if for any reason the sale falls through at any stage, we won’t need to pay them again for any future properties.
However they have said our surveys and conveyancing are not protected in any way, even if the seller pulls out.
Are there no policies available to protect my costs in this case?
Also against gazumping?

user1977

There are certain types of policy, but when we've looked at them here before, they're very restricted in the circumstances they cover. The risks of a transaction falling through are quite high after all, so therefore the premiums would be too - probably not really "money-saving" to pay somebody to make a profit out of taking some of the risk away from you.

Ath_Wat

You can protect yourself against the mortgage advisor fees by not using one - unless you have particularly unusual requirements it shouldn't really be necessary.

lookstraightahead

No more than if you want to pull out and the vendor being out of pocket (eg from surveys they've had on their purchase)

Snow_Phoenix

Yes it is called home buyers protection insurance but the cover can be very varied and they will only cover certain circumstances and to a certain amount for a certain amount of time. It also has clauses as to when it can be taken out, anything which has been paid for prior to it being started is sometime not covered or it covers only for cost incurred so many days in advance of the policy being taken out. 

eddddy

Snow_Phoenix said:

Yes it is called home buyers protection insurance but the cover can be very varied and they will only cover certain circumstances and to a certain amount for a certain amount of time. It also has clauses as to when it can be taken out, anything which has been paid for prior to it being started is sometime not covered or it covers only for cost incurred so many days in advance of the policy being taken out. 

The problem is that buyers protection insurance marketing claims often sound dodgy.

Have you ever successfully claimed on home buyers protection insurance, or do you know somebody who has successfully claimed, or have you seen a review by somebody who has successfully claimed?

I searched around a while back, and I couldn't find any reference to anybody who had successfully claimed.

But I found a number of reviews from people complaining that their claims were turned down for spurious reasons.


I can't help wondering if it's just another one of those worthless insurance policies that you should avoid buying.

london21

Some costs can be avoided but not all.

Costs such as searches once paid and received can't be refunded.

Is there any reason why you think the seller might pull out, are they in a chain etc.

If your application is straightforward can apply for your mortgage directly or use a free broker (they get their fees from the lender)