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Buying a house in the UK, what are the risks?

Troy Stevens 17 December 2021

So, you’re looking at buying a house. First, congratulations, buying a house is one of the biggest decisions we make in our adult lives, and it is a very exciting journey to embark on. As well as being a thrilling prospect however, buying a house does have certain complexities that you must make yourself aware of, and all aspects must be carefully considered at all stages.

Approximately 1.2million Britons go through the process of purchasing a property every single year. Not many of us know exactly how much the property transaction process costs the average homebuyer, and many of us are stunned when the final bills and fees come through. An unfortunate statistic highlighted by This is Money is that of the 1.2million property purchases, approximately 300,000 of these falls through. 

So, let’s put that into perspective, almost 1 in 4 property purchases fail, making the odds of you being subject to your house purchase falling through scarily high. But what does your house purchase falling through actually mean? What real effects does this have on you, the homebuyer?

There are the obvious things associated with your house purchase falling through, the heartbreak of losing your dream property, the frustration of weeks or months of waiting for nothing, and the emotion of having to go through the whole process of finding and bidding for a new property all over again. There is also a more real risk associated with your property purchase failing, and that is the risk of financial loss.

Homebuyers, regardless of whether you are a first-time buyer or a seasoned landlord purchasing another buy-to-let, are required to incur up-front costs throughout the purchase process. Whether it is fees to conveyancers, solicitors or mortgage lenders, and costs attributed to surveys or valuations, the amount of money the homebuyer must invest in the purchase process is substantial.

That means that the risk of loss from your house purchase falling through suddenly becomes more than just emotional, it becomes financial, it becomes real. According to Which.co.uk the average amount of money a homebuyer loses when their property purchase falls through is over £2,500, making the risk of financial loss during this process, suddenly very high.

So, what can you do to protect yourself during this process? How can you make sure your money is safe regardless of the outcome of your purchase? Well, that’s where us at Rhino Home Protect comes in.

How Can Rhino Help You Move House Successfully?

We offer a very simple insurance policy called Home Buyers Protection Insurance that covers your up-front costs if your property purchase falls through. From solicitors’ fees to valuation costs, our simple policy can ensure that your finances are safe, regardless of the outcome of your purchase. Home buyers’ protection insurance should be considered by every UK homebuyer as it gives you the assurance and peace of mind that should the worst happen, you would not be financially worse off.

Our cover is comprehensive and affordable and can be purchased within 60 seconds via our easy-to-use online web shop, making the purchase process simple and seamless. If you are looking at purchasing a home, then what are you waiting for? Get valuable insurance covering the costs of purchasing your property today - purchase online or speak to our team today!

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