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Protect your pocket against the pitfalls of buying a house

April 22 2015

We all know that buying a home is one of the biggest decisions you will ever make and at PM Law we want the purchase of your property to go through as smoothly as possible.

Although we successfully complete on hundreds of home purchases each year, it is an unfortunate fact that things do not always go to plan.

With one in four house purchases failing to complete in the UK*, the last thing you need is to be losing money should your own house purchase fall through.

If you choose PM Law to oversee the buying of your house, we provide a home purchase protection insurance policy for just £30 to cover you just in case something goes wrong.

It could be the property being withdrawn from sale by the vendor or an offer being accepted from a third party (a minimum of £1,000 greater than your offer).

Take Sheena and Robin Lucraft, for example, who recently instructed PM Law to oversee the purchase of their £143,000 property in Lincolnshire.

Our clients agreed a price, had contracts drafted up and paid for a valuation report but the seller then decided to remarket the property to gain a higher price.

Sheena and Robin increased their offer by £2,000 but this was rejected by the seller and they lost out on the property.

They did, however, take out our home purchase protection insurance policy and were able to claim back the £495 which they originally paid out for the valuation report.

“We would recommend it to anyone buying a new house and we’ve already taken out another HPPI policy for our new purchase,” said Sheena.

So Sheena and Robin are on their way to buying another house and it’s worth remembering that PM Law complete on hundreds of home purchases each year.

But if you do come across a problem, PM Law’s home purchase protection insurance gives you peace of mind and can help you claim back up to £1,500 in fees.

Click here to find out more about what the policy covers and in what circumstances you may be able to make a claim.

*According to a survey by OnePoll, commissioned by the Conveyancing Association, 2013.