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Press Coverage
04.06.2008

Unique Non-Completion Cover Saves Thousands If House Sale Falls Through.

This is a fantastic idea for an addon which estate agents should start adopting and making a few quid out of.
A new and unique house conveyancing insurance has recently been launched which covers all legal and survey costs if a sale falls through – saving buyers and sellers thousands in wasted fees. For a fee of £95 a purchaser can relax knowing that if all goes wrong with their property sale that they are covered for surveyor and lawyer fees.
 
Convex Property Conveyancing is pioneering the feature, which pays out all the costs if the other party pulls-out, as a standard component of its service. The cover comes as property chains are at an increased risk because of the volatile market.
Official Government figures show a staggering 370,000 house transactions fail to make it to completion. With buyers and lenders increasingly getting cold feet there is a greater risk of the chain failing and buyers and sellers losing as much as £2000 on solicitor and surveyors fees.
Convex Conveyancing, the UK’s leading online conveyancing specialist, has developed the cover so it also pays out if a sale fails because another buyer has gazumped the deal with a higher offer.
Duncan Samuel, managing director of Convex Conveyancing, said it was a product transforming the property process.
“This cover works in any market. If buyers and lenders are nervous then everyone in the chain has money at risk when a deal falls through.  In a buoyant market there is always a gazumping risk and this takes care of that.
“As a fully online conveyancer our property transactions go through 40 per cent quicker than traditional firms. It means that we are in a much better position to stop non-completions in the first place and therefore have negotiated with underwriters to come up with a product which has never been available before,” he said.
Convex, is currently the only online conveyancing company in the UK that allows buyers to view every document relating to a sale 24/7 via a secure website. Buyers are constantly kept up to date through emails and texts at every stage and Convex uses its own legal team rather than a panel of solicitors offered by other online conveyancers.