eEureka | Protection Insurance

Purchasing a new home is one of the most exciting stages of your life, but it can also come with a host of fees on top of the price of the house. From surveyors’ fees to conveyancing fees, if your purchase falls through these added costs can leave you very out of pocket.

We all know that purchasing a house sometimes falls through, and for situations when this occurs through no fault of your own, it’s important to cover yourself with a Home Buyers Protection insurance policy.

*XXXXXX* have now partnered with Surewise.com to offer affordable Home Buyers Protection insurance to cover you against financial loss if your house purchase falls through.

With three levels of cover (Bronze, Silver, and Gold), your Home Buyers Protection will cover your for:

· Conveyancing Fees

· Survey and valuation fees

· Mortgage and arrangements fees

· Gazumping

· & more.

INSURANCE F.A.Q.

A/ WHAT HAPPENS WHEN THE CHAIN BREAKS DOWN FOR WHAT EVER REASON IN RELATIONSHIP TO THE VENDOR?

A1/ OR FOR THE PURCHASER IF THE VENDOR TAKES THEIR PROPERTY OFF THE MARKET OR ANY OTHER REASON?

It would still need to be the vendor that withdraws from the sale for the policy holder to be able to claim, please see the insured events below:

A) The Vendor withdrawing the Property from sale for reasons beyond Your control, or

B) You, or a person You are purchasing the Property with, being given a notice of redundancy, or

C) The Vendor not being legally entitled to sell, or

D) A local authority search revealing that the Property is subject to a compulsory purchase order, or

E) Your death, or the death of a person. You are purchasing the Property with, as a result of Bodily Injury occurring during the period of insurance.

B/ HOW IS THE VENDOR LOOKED AFTER IF THE PURCHASER PULLS OUT?

The policy doesn’t provide cover for the vendor, just the policy holder/buyer.

C/ WHAT DOES THE VENDOR NEED TO ACTION WHEN THIS HAPPENS TO THEM?

See above answer, the policy is designed to cover the person buying a property and not the vendor, If the vendor withdraws from the sale for reasons beyond the policy holders control, they could then claim back some of (dependent on cover level) the fees incurred up until this point.

D/ THE SYSTEM NEEDS TO BE ABLE TO CHANGE THE NOTICE OF THE STATE OF SALE – WHAT ARE YOUR RULES WHEN THIS HAPPENS?

The will not update, if the customer/buyers needs to claim then the policy has been used, if they’re engage another property they will need to take a new policy. The policy is not transferable

D1/ WE SHOW THE VENDOR PROPERTY IS ………. UNDER OFFER – THEN BREAKS DOWN WHAT SHOULD WE BE DOING OUR END AS A RESULT?

The policy has to be issued within 7 days of the offer acceptance, should it breakdown for insurable reasons then the client can claim

D2/ THE PURCHASER THEN DECIDES TO MAKE OFFER WITHDRAWN FOR WHATEVER REASON …….. THE SYSTEM NEEDS TO AUTOMATICALLY CHANGE THE NOTICE FROM UNDER OFFER TO NOW STILL UP FOR SALE – WHAT SHOULD WE DO OUR SIDE SO THAT THE COVER IS STILL IN PLACE?

The policy does not cover if the purchaser/policy holder withdraws from the sale so they wouldn’t be able to claim if this is the case. We wouldn’t need to take this information as the customer just wouldn’t be eligible to make a claim.

D3/ THEN A NOTICE SHOULD BE SHOWN WHICH NOW SAYS ……….. PROPERTY BACK ON THE MARKET.

DO WE NEED ANY KIND OF PAPERWORK COMPLETED?