Insurance against 'Gazumping' now available to ALL house buyers in England and Wales
| Published: 19th March 2007 11:08 |
Home Buyers Expense Insurance from OneMove will provide cover against all of the most common – and nastiest – house buying pitfalls
OneMove (www.onemove.com), the free nationwide service that makes moving quicker and easier for both vendors and buyers, has today announced that it is to offer its popular Home Buyers Expense Insurance (HBEI) to ALL house buyers in England and Wales. Previously, the insurance was only available to OneMove customers who had registered for one of the company's financial or conveyancing services.
HBEI is an excellent insurance product, cover is arranged with a leading insurer by Gresham Services Limited, one of the UK’s most respected insurance brokers. For a one-off premium of £69.99, customers are covered for up to £1500 expenses, including £750 Conveyancing Fees (inc searches), £250 Mortgage/Lenders Fees, and £500 Survey/Valuation Fees. Anyone can purchase HBEI insurance online www.onemove.com or by phoning OneMove on
0845 8739111 within seven days of their offer being accepted. HBEI is only available in England and Wales.
"The industry is certainly starting to take more notice of “gazumping” now, with the support of increased media coverage, but it has yet to move beyond talking about it and actually doing something to address it," says Neil Patel, CEO of OneMove. "OneMove has listened to the market and to our customers, and has decided to extend our insurance cover to all house buyers, in order to make the house buying process less stressful."
'Gazumping', the term used to describe a scenario whereby a seller accepts an offer from one potential buyer, but then accepts a higher offer from someone else, has become commonplace in England and Wales, largely because a buyer's offer is not legally binding – even after the offer has been accepted by the vendor.
Once gazumped, the buyer either has to offer a higher price to secure the property, or else accept that they have lost not only their dream property, but also a considerable amount of money spent on expenses such as surveys and solicitor’s fees. Unfortunately, because of the strength of the economy, continued demand from buyers, and a shortage of properties for sale, Gazumping remains an everyday occurrence, according to the BBC's Working Lunch programme.
Gazumping is not the only pitfall covered by HBEI, however. The insurance covers a wide range common problems that may prevent the completion of a property purchase, including:
• The property is withdrawn from sale by the vendor for reasons beyond the purchaser’s control.
• The vendor accepts an offer which is at least £1000 greater than the offer they have accepted from the purchaser.
• A local authority search highlights that the property is the subject of a compulsory purchase order.
• The vendor is not legally entitled to sell the property.
• The purchaser or purchasers are made redundant or relocated, leaving them unable or unwilling to proceed.
• The initial mortgage lender’s valuation is less than 90% of the sum that has been offered for the property, which has been accepted.
• The property is damaged during the period of cover and the cost of rectification work exceeds 10%
of the property value.
HBEI helps to alleviate the worry and fear associated with these scenarios, and therefore allows people to proceed with the purchase process after their offer has been accepted, safe in the knowledge that they are covered by a reputable provider if something does go wrong.
OneMove has now successfully gained its much-anticipated Appointed Representative (AR) legal status that will allow HBEI to be sold to the general public, as well as existing OneMove customers.
For more information on the Policy terms and conditions, and any significant exclusions or limitations, it is important that customers read the Policy Summary and Wording.
OneMove™ is an appointed representative of Gresham Services Ltd, Mill House, Priory Road North, Dartford, Kent DA1 2BZ, United Kingdom. They are authorised and regulated by the Financial Services Authority (FSA) under registration number 312443. Their authorisation can be confirmed by the FSA @ www.fsa.gov.uk or by calling the FSA on 0845 606 1234. OneMove™ is registered in England 5280283.
About OneMove
OneMove is a new service created exclusively for home movers and property investors that is designed to keep the buyer or seller fully up-to-date during the property transaction process. OneMove works by ensuring that all parties involved, including the estate agent, solicitor, mortgage provider and surveyor are all contacted and 'looped in' with one website logging all progress swiftly and efficiently. In addition, OneMove can also provide home movers with competitive quotes for everything from conveyancing and financial services through to removals specialists and even wills and tax planning, via a portfolio of carefully selected service providers.
Customers who use any OneMove service are appointed their very own free Personal Moving Consultant to take care of all the chasing, legalities and logistics. The Personal Moving Consultant acts as a ‘go-between’, keeping all interested parties in the picture and on their toes. The OneMove Update System relays the latest developments to a customers email or mobile phone in real time and the company also loans customers a BlackBerry device to keep them up to date. In addition to this, customers are given access to the OneMove online Move Management System, enabling them to view the continuous work being carried out on their behalf in a totally secure environment. OneMove can take care of everything from the legal work, to arranging removals and utilities, conveyancing, insuring your moving expenses and more.
For more information, please visit www.onemove.com
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