By Legal Futures’ Associate SearchFlow
With a recent study1 showing that almost half of all house sales in England and Wales ‘fell through’ prior to completion in the last quarter of 2018, SearchFlow – the UK’s leading conveyancing search solutions provider – has launched a Residential Abortive Transaction Insurance to provide assurances to legal services firms’ home buying and selling clients.
The insurance provides cover on a range of incidences, should a transaction fail to complete in a property chain for reasons beyond the control of the buyer and/or seller. It mitigates the associated risks by reimbursing a range of costs, including legal fees and disbursements, mortgage lender fees and survey fees.
The study by YourMoveNow found that 30% of failed transactions were due to buyers changing their minds; while 19% received a higher offer after the sale had been agreed and a further 10% of fall-throughs were as a result of slow progress.
Tracy Burtwell, Sales Director at SearchFlow said: “In uncertain times, and to mitigate financial risks relating to fall-throughs, we have launched a Residential Abortive Transaction Insurance. This is designed to provide peace of mind to residential buyers and sellers by providing cover for a wide range of incidents, should a property transaction fail to complete at any stage in the property chain. It’s a great value-added service that solicitors can offer to clients as part of their conveyancing package.”
The insurance is one of the additional services available from the search provider, which also includes Title Insurance, Anti Money Laundering checks and a range of surveys. Terms and conditions apply.
With more than one million conveyancing searches run every year for over 2,000 legal clients across England and Wales, SearchFlow is regarded as one of the leading providers of comprehensive searches, surveys, identity checks and conveyancing insurance solutions.