Nick Beaton, managing director, Northcott Beaton
OneSearch Direct, the largest local authority data search company in the UK, has announced insurance broker, Northcott Beaton, is now supplying Assured: OneSearch Direct’s complete conveyancing and protection solution.
The comprehensive search package includes the three key regulated searches for, local authority, drainage & water and environmental and uniquely is backed up by a free residential abortive transaction insurance policy underwritten by DAS, Europe’s leading legal expenses insurer.
The package, first launched 12 months ago, was the first of its kind to be seen in the UK and offers clients cover of up to £1,500 for failed property transactions.
“Estimates suggest there were almost one million residential transactions in the UK in the last 12 months and the average fall through rate is thought to be more than 10% with some sources suggesting the rate was much higher,” explains Nick Beaton, managing director, Northcott Beaton. “When a transaction falls through, costs are inevitably incurred in association with valuations, searches, disbursements and legal fees.
“The Residential Abortive Transaction Insurance we are now able to offer through OneSearch Direct’s Assured solution, has been specifically designed to safeguard clients against such loss, “ continues Beaton. “In addition, the Assured policy is free if the local, drainage, water and environmental reports are purchased through OneSearch Direct and this is proving particularly popular with our clients.”
“As the largest local authority data search company in the UK we have been providing private searches for more than two decades,” confirms Ronnie Park, managing director, OneSearch Direct. “Over the years we have invested around £10 million in the integrity of our data set and we have more than 30 people permanently employed to ensure information is updated on a daily basis. We are now leading the way as the real-time ‘property data experts’ and our Assured insurance policy now means our clients feel reassured, knowing that the returned costs for failed property transactions can be put towards their next purchase.”
The residential abortive transaction insurance covers all legal expenses up to £1,500 and includes: conveyancing fees, mortgage arrangement fees, lender fees, valuation report, survey fees, legal fees and disbursements. The product has been approved by Legal Eye, the leading legal compliance specialist.
For further information please visit: http://www.onesearchdirect.co.uk/assured
