Conveyancing Liability Solutions (CLS) has launched a product to assist conveyancing firms who sell Home Information Packs direct to sellers or has an associated company that does this. The product is a No Sale No Fee insurance policy for the HIP market.
The no sale no fee insurance covers homeowners in the event that the sale of their property either falls through, or fails to sell in a 12 month period from first day marketing where “sale” is classified as exchanging contracts.
In addition homeowners are covered if the sale of their property fails either through accident, sickness or redundancy for instance.
The cost of the HIP, including all searches, estate agency referral fees, legal and marketing fees are covered in the premiums listed below:
Up to £500 limit of indemnity £55
Up to £1,000 limit of indemnity £90
At the end of the 12 month term, if the property has not sold, the homeowner can make a claim to the limit of indemnity purchased.
Sam Cherry, Director of CLS said;
“Our No Sale No Fee insurance policy is a new approach to HIPs and will give people selling their property peace of mind regarding the costs of selling their property in this uncertain market.”
The CLS No Sale No Fee insurance can be sold in conjunction with the Close Payment Services products that allow the home seller to defer the payment of their Home Information Pack. Thus your clients can market their property minimising the initial charges and only pay on completion for this element of the transaction cost – but if it fails to sell the CLS policy will pay for the relevant costs.
To find out more about this policy and the deferred products as well as how to buy it, please contact Sam Cherry at sam.cherry@clsl.co.uk or on 0870 013 0872
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