Buyer's Protection

BUYING A HOME?

Take cover from the unexpected with Buyer’s Protection

Home ownership made easier by Legal & General

If you are about to start the process of buying a home you have probably looked at all the costs involved.  Whilst we hope your purchase will go smoothly things can sometimes go wrong.

As a property buyer, you face the possibility of finding yourself out of pocket due to survey/legal fees if your home purchase falls through.

Now, thanks to Buyer’s Protection from Legal & General, you can reclaim up to £400* in costs if your home purchase does not complete.

* A voucher up to the value of £400 comprises legal fees up to £150 and valuation or arrangement fees up to £250.  Lender arrangement fees are covered under the valuation element of the £250 only if there is a free valuation on the mortgage scheme chosen.

Buyer’s Protection is designed specifically to protect you in the event of the following unexpected circumstances:

• Gazumping or vendor (seller) withdrawal, for any reason other than unreasonable conduct or delay on your part.
• Adverse valuation – where the mortgage lender values the property at more than 5% below the agreed purchase price, or if work needs to be completed on the property, which will cost more than 5% of the agreed purchase price.
• A change in your circumstances – if you are unable to complete the property purchase due to your employer either instigating relocation or notifying you of impending involuntary unemployment and your not being re-employed prior to completion.

Remember Making a commitment to purchase a property is also a commitment to costs such as legal fees, valuation and lender arrangement fees. Buyer’s Protection offers you peace of mind.

 

How does Buyer’s Protection work?

You can apply for Buyer’s Protection if you are purchasing a property in England or Wales and are arranging a mortgage or a mortgage related product such as Mortgage Term Assurance or Mortgage Payment Insurance through a Legal & General Representative.  Buyer’s Protection cover is provided for three months from the date your mortgage application is submitted on a specific property.  Should your purchase fall through for any of the reasons listed earlier, and your claim is validated you will benefit from:

• Receiving a cost voucher – to a maximum value of £400*.

You have up to six months to redeem your voucher and you must submit a new mortgage application on a subsequent house purchase through the same Legal & General Representative, within six months of the voucher being issued.

* A voucher up to the value of £400 comprises legal fees up to £150 and valuation or arrangement fees up to £250.

Can you afford not to have Buyer’s Protection?

The cost of Buyer’s Protection is £17.  For further details on how to apply for Legal & General’s Buyer’s Protection and also how to take advantage of our first–class mortgage broking service, simply contact us or visit our offices.

For Insurance Business through Manning Stainton Mortgages we arrange policies exclusively from Legal & General. 

Your home may be repossessed if you do not keep up repayments on your mortgage.

We do not charge a fee for a mortgage consultation, however there will be a fee for arranging your mortgage of up to 1.5% of the loan amount. The precise amount will depend on your circumstances but a typical fee is £150.

 Legal & General: trust them to deliver

• The Legal & General Group, established in 1836, is one of the UK’s leading financial services companies. It is one of the UK’s top 50 companies in the FTSE 100 Index.  Over 5.6 million people rely on Legal & General for life assurance, pensions, investments and general insurance plans.  The Legal & General Group is responsible for investing over £211 billion worldwide (as at 30 June 2006) on behalf of investors, policyholders and institutions.

For further details of how to gain the benefits of Legal & General’s Buyer’s Protection contact any of our branches or call us on:  0800 028 6210 or E-mail: mortgages@manningstainton.co.uk

For full details of Buyer’s Protection please contact us for a brochure.