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SortRefer offers customer protection against failed property purchases

  • 16/02/2017
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SortRefer offers customer protection against failed property purchases
Online conveyancing portal SortRefer is helping brokers protect their clients from the loss of mortgage fees and other costs if a purchase falls through.

The product, Fee Guard, provides clients with up to £1,000 of cover for mortgage lender arrangement, valuation and survey fees; conveyancer searches and fees; and costs for alternative accommodation and storage and removals. It will also give £100 toward the cost of a mortgage adviser.

SortRefer’s head of sales, Phil Goff, said: “We all know that not every purchase case proceeds, some fall throughs are simply out of the client’s control and that’s something for which we wanted to help provide a solution. We want to ensure that customers referred by introducers to our panel of conveyancers are offered the opportunity to ensure they are reimbursed for upfront costs in the event of their purchase not going through.”

Fee Guard will cover clients in the following events:

  • Vendor withdrawal from a property sale following receipt and acceptance of an alternative offer from another buyer of at least £1,000 more.
  • Buyer withdrawal because of any legal search which prohibits or is seriously detrimental to the successful completion of the transaction, or in the event the mortgage lender’s valuation is less than 90% of the sum offered.
  • Buyer or vendor withdrawal because of the buyer or the vendor’s:
    – Employers’ relocation not completing
    – Involuntary unemployment
    – Death, unforeseen illness or bodily injury caused by a sudden or specific accident

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