A law firm is to reimburse buyers if they are gazumped.
Stephensons Solicitors LLP has launched a service called Homebuyers Plus, which will be offered to buyers that instruct the firm for conveyancing.
Under the scheme, the firm will reimburse buyers for costs they have incurred if the property is withdrawn from sale by the vendor for reasons beyond the buyer’s control.
The firm will also reimburse the client if the seller receives an offer greater than £1,000 from another buyer and accepts it.
In addition, if a survey is carried out which identifies work to be done, which exceeds 5% of the property value, and the buyer decides to withdraw, the costs will be reimbursed.
Costs which will be reimbursed would include up to £600 against loss of solicitors’ disbursements, up to £500 for mortgage arrangement fees / lender fees and up to £750 for survey fees.
Tom Bridge, managing partner of the residential property department at Stephensons, said: “Buying a property is often perceived as one of the most stressful events in someone’s life. Home buyers are likely to pay out for a number of searches, have a survey on the property carried out as well as the legal costs of conveyancing. Many of these costs accumulate before there is complete certainty that the transaction will complete. Our new service adds some reassurance to the whole process.
“It will reimburse buyers in respect of costs incurred for one of a number of events that may make a purchase fall through. It isn’t valid for a property that is part of a contract race or sealed bids. The lists of costs covered are extensive, but there are some events that aren’t.
“However, this new service will provide peace of mind that most circumstances are covered, meaning buyers may not lose should the purchase not reach completion through no fault of their own.”
The firm is also offering a free basic will with every conveyancing instruction. The firm has 29 partners and 350 staff, and operates across Greater Manchester and Merseyside.
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Comments
Hawkeye, never heard of an insurance policy mate, why so negative? You need to be qualified to become a lawyer as you suggest, they are professionals, you? Just an unqualified, unregulated Estate Agent.
and the "free Will" could well be to capture the Probate fees, later.................
Insurance policy no doubt, L&G have the same but wider coverage. Of course the cleint will pay, somehow.
How many peolple are being Gazumpted then in this market!?
So who pays for the failures? I bet it is vastly increased fees for those that go to conclusion.
Any fool can introduce this sort of deal at the cost of others.
Lets all double our fees and offer free conveyancing as a package.
Lets all become lawyers and sell houses as well for double the fee.
This is just rap with a silent C!
A pro-active law firm. Good on you, more needed.
This is not about no sale no fee conveyancing which most law firms offer now. It is reimbursing monies paid out by buyers who are gazumped or who's transactions fail through no fault of theirs . This an added value service offered alongside other things such as case tracking and direct access to the person dealing with the matter rather than a call centre .
So its no sale no fee conveyancing?
Not really a new idea