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Essential Property Protection For

£69

Complete cover in case your property purchase falls through

House purchases falling through, although not commonplace in the housing market, occur in approximately 1 in 4 cases, which may surprise you! The costs associated with your dream home falling through are more than just disappointment and disgruntlement, as a property transaction failing can cause sever financial loss for the homebuyer involved. Home Buyers Protection Insurance, also referred to as Home Buyers Costs Insurance does just what the name suggests, protects the buyer during the process of purchasing a home.

Benefits of Cover

So, what’s included? Let’s look at Rhino’s Home Buyers Protection Insurance, and the valuable cover you receive when taking out one of our policies:

  • Conveyancing Fees up to £750
  • Survey/Valuation Fees up to £500
  • £250 Mortgage Lender Fees
  • 120 days cover
  • Gazumping protection (if the offer accepted is at least £1000 higher than yours)
  • No excess
  • VAT Included in all fees covered

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What Does Home Buyers Protection Insurance Cover?

Conveyancing Fees

Conveyancing fees can become costly, especially in more complicated cases, and having an insurance policy in place that cover up to £750 of the conveyancing costs alone can be seriously effective in ensuring you have enough money to look for another property. The costs of conveyancing pay for the conveyancing to take place prior to the property sale and is a requirement for anyone in the UK when purchasing a new home. Just think how far £750 would go when you move house. It could pay for the removal men, new kitchen appliances, even a new sofa!

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Mortgage Arrangement/ Lenders Fees

The money you pay to your mortgage provider or lender is not just for the completed sale of your property, there are up-front fees that would be due in the event of your property purchase falling through. Unfortunately, without insurance like ours in place, this outgoing would be lost. In cases where the property falls through and it is not your fault, our home buyer’s protection insurance covers the up-front fees that will have been due, up to a value of £250. This protection gives our policyholders peace of mind that their costs are covered.

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Survey/Valuation Fees

Survey fees are paid by the homebuyer for the structural survey of the property being purchased. The survey is a very important process and assesses the house you are buying to ensure that it is safe, suitable, and as advertised. This survey and valuation process is vital to ensure that the property you are purchasing is appropriate for purchase but can rack up some serious costs. That’s why our home buyer’s protection insurance costs survey/valuation fees up to £500, which would be a significant loss if the property purchase fails.

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Gazumping Insurance

The term ‘gazumping’ is used when your offer on a house is beaten by another party during the process of buying a property. If someone makes a higher offer than you and the seller accept the higher offer, then you have been ‘gazumped’ and you are no longer part of the purchase process for your desired property. Those who fall victim of gazumping not only go back to the beginning in terms of finding a new property, but they could suffer financially as a result. We offer valuable gazumping protection as part of our home buyers protection insurance, meaning that you would not out of pocket in the unfortunate event of gazumping. Note however that the only caveat of this is that the offer that beats yours must be at least £1000 higher than your offer for you to be covered.

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Policy Duration

Buying a new home is a very important part of an adult’s life. According to Zoopla research, on average us Britons move house once every 20 years, so it’s important to get it right. The time it takes to successfully purchase a property average at about 6-14 weeks, so our home buyer’s protection insurance comes with two levels of cover. 120 days cover, or 180 days cover. It’s up to you which cover level you decide upon and remember to bear in mind the length of time it can take to go through the purchase process, especially if there are any issues along the way.

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Other Important Factors

Our home buyer’s protection insurance has zero excess on all claims, meaning that you will benefit from the full cover you take out. Note that VAT is included in all fees covered by the policy. You cannot have already had a survey take place (which might have raised red flags that may cause the property to fall through) prior to taking out home buyers protection insurance. The policy needs to be purchased prior, within 7 days, or on the same week as instructing your solicitor or mortgage lender that you would like to purchase a policy. The reason for this is because after this point, you may already have incurred costs.

Home Buyers Protection Insurance Packages

We offer two packages to meet the needs of your house move, both designed to ease the financial risk of your property transaction. Take a look at our transparent cover options today.

Essential Property Protection

£69

To be bought prior to, or within 7 days of notifying your solicitor / mortgage lender of your purchase.

  • Conveyancing Fees up to £750
  • Survey/Valuation Fees up to £500
  • £250 Mortgage Lender Fees
  • 120 days cover
  • Gazumping protection (if the offer accepted is at least £1000 higher than yours)
  • No excess
  • VAT Included in all fees covered
Premium Property Protection

£139

To be bought prior to, or within 7 days of notifying your solicitor / mortgage lender of your purchase.

  • £1,500 Conveyancing Fees
  • £750 Surveys & Valuations Fees
  • £250 Mortgage Lender Fees
  • 180 days cover
  • £300 Accommodation & Storage
  • £200 Mortgage Broker Fees
  • Gazumping protection (if the offer accepted is at least £1000 higher than yours)
  • No excess
  • VAT Included in all fees covered
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Total: £0.00
including IPT @ 12%