David Gilman, partner in charge of Blacks Connect, said: “This is a fantastic benefit for all our clients and we are thrilled to be able to offer it completely free of charge as part of our standard disbursements package.
“For brokers it will give your clients enormous peace of mind to go ahead with mortgage applications and surveys in the knowledge that they won’t lose out financially if the deal falls through. It’s a huge selling point for those who want to recommend a high quality conveyancer, give their clients this extra peace of mind and receive a competitive referral fee.”
Gilman said the policy takes away much of the stress of financially committing to a purchase that many buyers face and should help remove delays in instructing the valuation.
The buyer protection policy will pay out:
• Up to £500 in non-refundable, mortgage lender arrangement fees, product and booking fees
• Up to £750 in valuation fees (including a Homebuyer's Report or Structural Survey)
• Up to £600 in solicitor’s disbursement costs
Gilman explained that clients can claim reimbursement for a wide number of reasons, for example if the vendor withdraws the property from sale or if your client pulls out of a purchase because the survey uncovers work that needs to be done to the property.
He added: "The policy will also pay out if your client has to pull out because of illness, death or redundancy."
