SortRefer is offering customers the ability to protect themselves against financial loss in the event of their property purchase falling through.
Fee Guard provides up to £1,000 of cover for upfront mortgage set up, survey and search fees in the event of their case not proceeding.
It covers mortgage lender arrangement fees; mortgage lender valuation/survey fees; searches and disbursements, and it also helps with costs for alternative accommodation, storage and removals and gives £100 towards the cost of a mortgage adviser.
Phil Goff, SortRefer’s head of sales, said: “We all know that not every purchase case proceeds, some fall throughs are simply out of the client’s control and that’s something for which we wanted to help provide a solution.
“We want to ensure that customers referred by introducers to our panel of conveyancers are offered the opportunity to ensure they are reimbursed for upfront costs in the event of their purchase not going through.”
Fee Guard can be put in place and protects the customer in the event of any of the following:
- The vendor withdrawing the property from sale following receipt and acceptance of an alternative offer from another buyer of at least £1,000 more.
- Buyer withdrawal from the purchase of the property because of adverse legal search, which is any entry which prohibits / is seriously detrimental to, a successfully completed transaction or the mortgage lender’s valuation of the property being less than 90% of the sum offered.
- Buyer, or the vendor’s withdrawal from the purchase of the property, because of the buyer or the vendor’s:
- 1) Employers’ relocation not completing
- 2) Involuntary unemployment
- 3) Death, unforeseen illness or bodily injury caused by a sudden or specific accident