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 L & G offer gazumping insurance

 

Friday, May 10, 2002


Home buyers can now protect themselves against one of the most frustrating eventualities to plague the home buying process, thanks to a new gazumping insurance cover on the market from Legal & General.

The new policy, which is being sold under the name 'SmoothMove' provides protection against most of the normal factors that generally cause problems when moving house:

  • Withdrawal of the vendor for reasons that have nothing to do with the buyer
  • Withdrawal of the buyer for unforeseeable circumstances, such as job loss or relocation
  • Delay to the sale due to failure of the occupiers to fully vacate the property on time
  • Emergencies in the home during the first 3 months of occupation
  • Vehicle breakdown en route to the new home

Stephen Smith, a director at Legal & General, said: "Deciding to move home is a commitment to costs such as legal fees, valuation and lender arrangement fees, which can be expensive if things go wrong.

This is the first time home movers have been able to obtain end-to-end protection against these costs and the pitfalls that can make moving home a misery. Now homeowners know they should not be left out of pocket if their purchase falls through or if they are stranded by the roadside on the actual day of the move."

 
 
     
     
 

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