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?

I have seen this discussed in a few forums but none of the links to seem
to exist anymore.

Thanks for any help.

Gareth
--
-----------------------------------------------------------------------
To reply to me directly:

Replace privacy.net with: totalise DOT co DOT uk and replace me with
gareth.harris

On 20 June, 09:44, 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?

I have seen this discussed in a few forums but none of the links to seem
to exist anymore.

Thanks for any help.

Gareth
--
-----------------------------------------------------------------------
To reply to me directly:

Replace privacy.net with: totalise DOT co DOT uk and replace me with
gareth.harris

I wouldn't have thought it would be easy to get for two main reasons:

1. the insured would be able to ensure he gets a payout

2. it is so common that any premiums would be very high.

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. :-)

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

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. 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.

PeterSaxton wrote:
On 20 June, 09:44, 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?

I have seen this discussed in a few forums but none of the links to seem
to exist anymore.

Thanks for any help.

Gareth

I wouldn't have thought it would be easy to get for two main reasons:

So far, it doesn't seem to be easy to get.

1. the insured would be able to ensure he gets a payout

Isn't that true of almost any insurance? E.g. I could insure my
house/car then set fire to it? Anyway I wouldn't be able to profit from
the payout since it would only cover costs.

2. it is so common that any premiums would be very high.

Yes, that does seem likely.

Thanks for your reply.

Gareth.

--
-----------------------------------------------------------------------
To reply to me directly:

Replace privacy.net with: totalise DOT co DOT uk and replace me with
gareth.harris

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. Can I draw up my own agreement which
will be effective between me paying out for the survey and the formal
exchange of contracts or do you mean I should exchange contracts as soon
as possible?

Thanks for your reply.

Gareth.


--
-----------------------------------------------------------------------
To reply to me directly:

Replace privacy.net with: totalise DOT co DOT uk and replace me with
gareth.harris

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.


--
-----------------------------------------------------------------------
To reply to me directly:

Replace privacy.net with: totalise DOT co DOT uk and replace me with
gareth.harris

On 20 June, 10:22, Gareth wrote:
PeterSaxton wrote:
On 20 June, 09:44, 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?

I have seen this discussed in a few forums but none of the links to seem
to exist anymore.

Thanks for any help.

Gareth

I wouldn't have thought it would be easy to get for two main reasons:

So far, it doesn't seem to be easy to get.

1. the insured would be able to ensure he gets a payout

Isn't that true of almost any insurance? *E.g. I could insure my
house/car then set fire to it? *Anyway I wouldn't be able to profit from
the payout since it would only cover costs.

You wouldn't receive a payout if you set fire to your own house.

PeterSaxton wrote:
On 20 June, 10:22, Gareth wrote:
PeterSaxton wrote:
On 20 June, 09:44, 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?
I have seen this discussed in a few forums but none of the links to seem
to exist anymore.
Thanks for any help.
Gareth
I wouldn't have thought it would be easy to get for two main reasons:
So far, it doesn't seem to be easy to get.

1. the insured would be able to ensure he gets a payout
Isn't that true of almost any insurance? E.g. I could insure my
house/car then set fire to it? Anyway I wouldn't be able to profit from
the payout since it would only cover costs.

You wouldn't receive a payout if you set fire to your own house.

Not if they found out that I did it deliberately, but I imagine that
home buyer's insurance would include a similar condition whereby the
policy wouldn't pay out if I did something to prevent the sale going ahead.


--
-----------------------------------------------------------------------
To reply to me directly:

Replace privacy.net with: totalise DOT co DOT uk and replace me with
gareth.harris

On 20 June, 11:21, Gareth wrote:
PeterSaxton wrote:
On 20 June, 10:22, Gareth wrote:
PeterSaxton wrote:
On 20 June, 09:44, 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?
I have seen this discussed in a few forums but none of the links to seem
to exist anymore.
Thanks for any help.
Gareth
I wouldn't have thought it would be easy to get for two main reasons:
So far, it doesn't seem to be easy to get.

1. the insured would be able to ensure he gets a payout
Isn't that true of almost any insurance? *E.g. I could insure my
house/car then set fire to it? *Anyway I wouldn't be able to profit from
the payout since it would only cover costs.

You wouldn't receive a payout if you set fire to your own house.

Not if they found out that I did it deliberately, but I imagine that
home buyer's insurance would include a similar condition whereby the
policy wouldn't pay out if I did something to prevent the sale going ahead.

How would they be able to show who's fault it was the sale didn't go
ahead?

PeterSaxton wrote:
On 20 June, 11:21, Gareth wrote:
PeterSaxton wrote:
On 20 June, 10:22, Gareth wrote:
PeterSaxton wrote:
On 20 June, 09:44, 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?
I have seen this discussed in a few forums but none of the links to seem
to exist anymore.
Thanks for any help.
Gareth
I wouldn't have thought it would be easy to get for two main reasons:
So far, it doesn't seem to be easy to get.
1. the insured would be able to ensure he gets a payout
Isn't that true of almost any insurance? E.g. I could insure my
house/car then set fire to it? Anyway I wouldn't be able to profit from
the payout since it would only cover costs.
You wouldn't receive a payout if you set fire to your own house.
Not if they found out that I did it deliberately, but I imagine that
home buyer's insurance would include a similar condition whereby the
policy wouldn't pay out if I did something to prevent the sale going ahead.

How would they be able to show who's fault it was the sale didn't go
ahead?

What I'm looking for is an insurance policy which will pay out if I get
gazumped or if the vendor decides not to sell.

There may be grey areas as to who's fault it would be that the sale
didn't go though. However, car insurance seems to be possible despite
the difficulty in deciding who's fault an accident is when both parties
blame the other.

I can't see how deciding whether or not a claim on a home buyers
insurance policy is valid is fundamentally any more difficult than
deciding if any other claim is valid.

--
-----------------------------------------------------------------------
To reply to me directly:

Replace privacy.net with: totalise DOT co DOT uk and replace me with
gareth.harris