Home Buyers Insurance
Gazumped or your home purchase falls through for some other reason? Don't get caught out!!!
Research has shown that as many as 150,000 people in England and Wales are likely to get gazumped in the next year * and that over 1 in 5 of transactions where a sale is agreed ends up failing**.
All too often the purchase of a dream home can turn to misery and wasted money when sellers withdraw after having accepted an offer.
You can now protect yourself against losing the money you have spent on Conveyancing, Surveys and Fees (up to £1,500 in total).
For just £69.99 Tesco Property Market's Home Buyers Insurance cover will protect you if your seller unexpectedly withdraws from the sale, or if the sale falls through for other reasons beyond your control.
Cover
The Home Buyers Insurance (HBI), underwritten by Allianz Insurance plc, protects you from a wide range of unexpected situations including:
- The seller withdraws the property from sale for reasons outside of your control
- The seller accepts an offer of at least £1000 more than your accepted offer
- A local authority search reveals that the property is subject to a compulsory purchase order
- The seller has no legal entitlement to sell you the property
- Redundancy or work relocation makes you, or others purchasing the property with you, unwilling or unable to proceed
- Your mortgage lender's valuation is more than 10% below your accepted offer
For further details of the Policy terms and conditions and any significant exclusions or limitations, it is important that you read:
Duration of cover
You have up to 12 months from taking out the cover to search for and make an offer on a property. The insurance remains in force for a maximum period of 3 calendar months from the date on the formal letter of acceptance of your offer.
This cover is available in England and Wales only
Tesco Property Market Limited 3rd Floor Ocean House, Hazelwick Avenue, Crawley, West Sussex RH10 1NP is an appointed representative of EFM Insurance and Financial Group who are authorised and regulated by the Financial Services Authority (Registration number 149177).
EFM Insurance and Financial Group is a trading style of Essex Financial Management Limited.
You can check these details on the FSA's Register by visiting the FSA's website http://www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.
Tesco Property Market Limited is not part of EFM Insurance and Financial Group
* Telegraph Newspaper, 6th June 2006
** Communities and Local Government research, January 2007