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Jean-Yves Gilg

Editor, Solicitors Journal

Safeguard your client's investment with Searches UK

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Safeguard your client's investment with Searches UK

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There are various costs related to purchasing a property and depending on which level of protection you select for your client, Searches UK will return the money spent during the process should the transaction fall through.

Searches UK understand the stresses associated with buying a property or moving home, and recognise the expensive capital outlay for home buyers. That's why we provide all clients processing search orders through us access to our unique 'Buyer Protect' and 'Search Protect Reimbursement' schemes.

With Buyer Protect from Searches UK, your client could be reimbursed the following:

• Up to £500 in non-refundable, mortgage lender arrangement fees, product and booking fees;

• Up to £750 in valuation fees (homebuyer, structural surveys, etc.); and

• Up to £600 in solicitor's disbursements costs.

That's up to £1,850 that could be returned.

Search Protect carries a lighter level of protection covering the costs associated with processing searches for the property; nevertheless, your clients could still be compensated for up to £300.

An estimated 30 per cent of purchase transactions do not progress to completion, however home buyers can rest assured knowing their investment is protected through Searches UK. That's money that can be used on the next transaction: a valuable scheme I'm sure you'll agree.

Both schemes will cover your clients for a multitude of reasons, including:

• If the property is withdrawn from sale by the vendor due to reasons beyond your client's control;

• If the vendor receives and accepts an offer from another buyer, which is a minimum of £1,000 greater than the offer they previously accepted from your client; and

• If the vendor is not legally entitled to sell the property or to transfer interest in the property.

Andrew Stenning, Managing Director of Searches UK, commented: "Searches UK offer useful and practical solutions to common complications during the property transaction process. We want to ensure our clients, and in turn their clients, the home buyers, are confident using a leading search company who truly understand the importance of protecting their investment.

"When processing search orders through Searches UK your clients will have access to these reimbursement schemes. Our simple to use ordering platform means you can add this product to the order quickly and easily: it is such a valuable and worthwhile scheme."

He added: "Both schemes are exclusive to Searches UK and were the first of their kind to enter the market. We will continue to develop products and services that positively help our clients."

Your client will also be covered if they decide they no longer wish to go ahead with the transaction; these reasons include: the client being given notice of redundancy, being given notice of relocation, and being diagnosed with a terminal illness and left unable or unwilling to continue with the purchase.

Other reasons include the property sustaining damage between offer and exchange of contracts where the total cost of rectification work exceeds 5 per cent of the property value; a mortgage lender survey or valuation on the property identifying rectification work that needs to be carried out, the cost of which exceeds 5 per cent of the sum your client had originally offered; or the value of the property being less than 90 per cent of the sum offered for the property which has been accepted.

One home buyer proclaimed: "We had two house purchase disasters within the space of seven months. The first property was found to have a major structural issue and the second property fell through when the vendor decided not to move. On both occasions we had paid out for surveys, searches, mortgage administration costs and legal fees. Searches UK quickly and efficiently provided us with refunds of our costs on both these purchases through Buyer Protect. We would have lost several thousand pounds without their reimbursement scheme. I can't recommend them enough. Absolutely brilliant."

In the event of your client needing to make a claim they would have to simply visit our website and complete a very straightforward form, as well as upload any relevant documents to substantiate the losses. The claim will be reviewed within seven working days and if successful payment will be sent within ten working days thereafter: simple and easy.

Searches UK's reimbursement schemes are an added value benefit when search orders are processed through us, however it is not an insurance policy for consumers.

For full details about Buyer Protect, please visit: www.buyerprotect.co.uk and for information about Search Protect please visit: www.searchesuk.co.uk. For full terms & conditions please contact Searches UK directly.

Searches UK offer a range of Residential and Commercial searches including Council and Regulated Local Authority searches, environmental searches, chancel checks, mining searches, flood searches and much more. In addition we offer Lawyer Checker services, AML Electronic ID Checks, case management systems and COLP and COFA reporting systems.

For further information about any of the products or services offered by Searches UK please email us at info@searchesuk.co.uk or visit our website at www.searchesuk.co.uk, alternatively if you would like to speak to one of our Conveyancing Specialists directly please call 0845 241 1815 and one of our team will be more than happy to help you: Your Search Is Over.