Gareth wrote:
Ronald Raygun wrote:
Gareth wrote:

Is it possible to take out an insurance policy which will refund costs
(e.g. survey and conveyancing costs) in the event of a house purchase
falling though?
It's pretty unnecessary.

1) You don't need to pay for a survey because the seller has already had
one carried out on your behalf. It all in the fancy newfangled HIP. :-)

Unfortunately that isn't true (which I suppose is what you meant by the
smiley) and the bank insists on at least a basic valuation (at my
expense) before they will lend me the money.

2) If the sale falls through, no conveyance has occurred, so there should
be no conveyancing costs.

My solicitor may have done some work (e.g. searches etc.) before it
falls through which, not unreasonably, he will expect to be paid for.

3) There are only two basic reasons why a sale falls through. Either the
buyer doesn't want to go ahead, or the seller doesn't. Obviously the
former would be under your control, so it would be impossible to insure
against that.

It isn't entirely under my control, e.g. the bank could collapse and be
unable to give me a mortgage at the last minute.

The best way to ensure the latter doesn't happen is to
make the contract binding at an early stage. That way you can sue the
seller if they pull out.

That was basically my question.

Sorry, that was my question in uk.legal not this thread.


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