No Completion No Legal Fees

All of our clients enjoy the benefit of our No Completion No Legal Fee Transaction Insurance Policy ("The Policy"). The Policy provides you with a guarantee that no Legal Costs or Disbursements will be levied in the event that your transaction fails to complete, subject to the terms and conditions covered under the Policy.

You will appreciate that the Legal Fees and Disbursements payable in respect of a property transaction, even if it does not complete, can be considerable. The Legal Costs and Disbursements that are likely to be incurred and the associated Policy costs (excluding VAT) are as follows:-

Likely Legal Costs and Disbursements Policy Costs

Purchase Transactions - £1000.00 £35.00

Sale Transactions - £500.00 £35.00

Sale and Purchase Transactions - £1500.00 £70.00

Remortgage Transactions - £350.00 £20.00

The Policy is available to all clients. We will add the Policy costs to your statement of account on completion of your property transaction unless we receive a payment on account from you to cover the Policy costs prior to completion. The Transaction Insurance product can only be effective within our environment if it is utilised by all of our clients for their exclusive benefit. By signing and returning your Welcome Pack document you are confirming that you wish to utilise the benefit of the Policy and you undertake to meet the costs of the Policy regardless of whether or not your transaction proceeds to completion.

What the Insurer will pay:-

Following an Insured Event the Insurer will pay your Legal Costs and Disbursements up to the limit of indemnity provided that, at the start date:-

1. You are over 18 years of age.
2. The transaction property is not subject to a Contract Race or Sealed Bids.
3. We have received a signed Welcome Pack from you confirming your acceptance of the Policy.
4. You have not had a survey carried out on the transaction property.

Insured events covered under the Policy:-

The Policy will cover your Legal Costs and Disbursements should your transaction fail due to any of the following Insured Events occurring during the Term of the Policy:-

1. On Purchase transactions the seller receives and accepts an offer from a third party, which is a minimum of £1,000 greater than the offer from you previously accepted by them.
2. A Local Authority Search highlights that the property is subject to a Compulsory Purchase Order.
3. The Seller is not legally entitled to sell the property or to transfer the interest in the property to you.
4. You the client(s):-
* Die and the survivor is unable or unwilling to continue with the property transaction or
* Are given notice of a redundancy and are unable or unwilling to continue with the property transaction or
* Are given notice of relocation and you are unable or unwilling to continue with your property purchase transaction or
* You are diagnosed with a terminal illness and are unwilling or unable to continue with your property transaction.
5. The initial Mortgage Lenders valuation is less than 90% of the sum you have offered for the property and which has been accepted.
6. Prior to releasing funds the Mortgage Lender insists on renovation work being carried out on the property, the cost of which exceeds 10% of the sum you have offered and which has been accepted.
7. The Mortgage Lender applies for a retention on the loan for the property and this figure exceeds 10% of the sum you have offered for the property and which has been accepted.
8. The property sustains damage during the period of cover and the total rectification work exceeds 10% of the property value.

When does the cover end - the Term of the Policy

The Policy will end automatically 90 days after the start date or any date of any of the following occurring, whichever happens first:-

1. You make a claim on the Policy.
2. You, we or the Insured cancel the Policy.
3. You complete your property transaction.

What is not insured

You are not covered in respect of the following:-

1. Legal Costs and Disbursements incurred before the start date.
2. If you withdraw from your property transactions for reasons other than those covered by the Policy.
3. If you are aware of any previous survey having been carried out on the transaction property up to 90 days prior to the start date that may give reasonable cause for your transaction to fail.
4. If you are aware, prior to the start date of any circumstances which could lead to a claim being made under the Policy.
5. If you deliberately and knowingly cause a delay or use unreasonable behaviour that results in the transaction failing.
6. Where Legal Costs and Disbursements can be reimbursed by your employer or another third party.
7. Where you are able to obtain a refund from a third party search provider/Insurer.
8. Where in the case of redundancy:-
* a) You are Self Employed.
* b) You are a Company Director or Partner of the Company giving notice of the redundancy.
* c) Redundancy is voluntary.

Conditions which apply to the Policy

Failure to adhere to any of these conditions may lead the Insurer to cancel the Policy, refuse a claim or withdraw from an ongoing claim. The Insurer also reserves the right to recover costs and expenses from you should the following events occur:-

1. Notification of claim - You must tell the Insurer immediately after you first become aware of any cause, event or circumstances which could give rise to a claim under this Policy. All claims must be made, in writing, within 30 days of the date that you were aware that a claim may be made.
2. The Insurer will not pay for any claim covered by another Policy, or any claim that would have been covered by any other Policy or Insurance or pledge that would cover the costs of any Legal Fees or Disbursements.
3. Fraudulent claims - Should you make any claim under the Policy which is fraudulent or false, the Policy shall become void and any benefit under the Policy will be forfeited including the Policy costs.
4. Subrogation - Should you claim under the Policy the Insurer may take over your right of action against any third party for the Insured's benefit before or after your claim has been paid to recover any costs or payments made under the Policy.
5. Recovery of costs and expenses - Should a payment be made to you under the terms of this Policy and you subsequently complete your property transaction a full refund will be payable by you to the Insurer in this respect and our Legal Fees and Disbursements will become payable immediately.
6. Cancellation
* a) You may cancel this Policy within 14 days of the start date by providing us with written notification of your intention to do so.
* b) The Insurer or we may cancel the Policy at any time by providing you with written notification of our intention to do so and you will receive a refund of any premium that has been paid in this respect.
7. Acts of Parliament and Jurisdiction - All Acts of Parliament within the Policy shall include equivalent legislation in England and Wales and any subsequent amendments or replacement legislation. This Policy will be governed by English Law.
8. Data Protection Act - It is agreed by you that any information provided to us or the Insurer regarding you will be processed by us and or the Insurer in compliance with the Data Protection Act 1998, for the purposes of providing Insurance and handling claims, if any which may necessitate providing such information to third parties.
9. Contracts (Rights of Third Parties) Act 1999 - A person who is not a party to this Contract has no right to enforce the terms and conditions of this Policy under the Contracts (Rights of Third Parties) Act 1999.

Meaning of words and terms

Certain words and terms contained in the Policy have been defined as they have the same meaning wherever they appear:

1. Claim Date - the date upon which you are notified either verbally or in writing of an Insured even occurring which affects your transaction and is covered by the Policy.
2. Contact Race - Where the Seller of a Property has received two or more offers for the property with the intention of selling to the party that is ready to exchange Contracts first.
3. Legal Costs - The amount charged by us in respect of our Legal fees for the Conveyancing Services provided in acting on your behalf in relation to your property transaction.
4. Disbursements - The definition of Disbursements is limited to the following Disbursements:-
* a) HMLR searches and Registration Fees
* b) Local Authority Searches
* c) Environmental Searches
* d) Water and Drainage Searches

The Policy only covers one search (as outlined above) in relation to each transaction. Additional Legal Searches that are not outlined above are not covered under the Policy. Please note that Survey Fees, Home Information Pack Fees, Leasehold Disbursements costs, Stamp Duty Land Tax and any other Disbursement costs that are not specifically described above are not covered under the Policy.

Second search pledge

The Insurer reserves the right, for a period of up to six months following the termination of your property transaction to insist that you adhere to its Second Search Pledge prior to reimbursing you with any funds due in relation to Legal Disbursements. The Second Search Pledge provides the Insurer with the opportunity to undertake searches on your behalf on a subsequent property transaction as opposed to reimbursing you with funds in this respect. Any searches commissioned by the Insurer under the Second Search Pledge will be undertaken by a Search Provider chosen by the Insurer and may include Personal Local Authority searches as opposed to searches obtained direct from the Local Authority.

Insured Event

An occurrence as defined previously that leads to your transaction failing to complete.

Limit of Indemnity

The maximum Legal Costs and Disbursements the Insurer will pay in relation to your property transaction is as follows:-

1. Up to £250.00 plus VAT in total for Legal Fees per transaction.
2. Up to £200.00 plus VAT in total in respect of Legal Disbursements per transaction.

Start Dates

The start date of the Policy will be the date upon which we receive your Welcome Pack from you and once written acceptance of your formal offer to sell or purchase the transaction property has been received or your mortgage application has been made to your new Mortgage Lender.

No Policy - No Completion No Fee

Should you decline to take up the No Completion No Fee Transaction Insurance Policy then we will not act on a no sale no fee basis on your behalf. Legal Costs and Disbursements will be payable by you whether or not your transaction proceeds to a successful conclusion.

Should you require any additional information in relation to our Transaction Insurance, please do not hesitate to contact us.

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