Conveyancers urged to utilise RATI to mitigate transaction fall throughs

Julie Edge | 12-Jun-2024

X-Press Legal Services is urging conveyancers to offer clients Residential Abortive Transaction Insurance (RATI) at the start of every instruction.

Having worked in partnership with insurer LPG since last autumn to offer RATI to its legal clients, X-Press can reveal an 80 percent take up of the insurance product by consumers when presented alongside conveyancing fees.

With almost 65,000 property transactions falling through during the first quarter of 2024*, X-Press believes RATI is proving a powerful tool in protecting both consumers cash and conveyancers’ reputations.

“Early indications are that RATI is an incredibly effective conveyancing asset in raising consumer confidence and promoting transparency through the transaction process,” commented Lynne Lister, MD of X-Press Legal Services.  “Most consumers wouldn’t dream of booking a holiday without travel insurance these days and we believe a similar sea change is underway when it comes to entering property transactions.  Consumers are concerned about transactions failing and want to mitigate their financial risk.  At under £70 this insurance is both a sensible and affordable solution.  By working in partnership with the insurance industry to offer RATI we believe law firms can reduce the emotional and financial stress of property transactions which is positive news for all parties.”

X-Press Legal Services partnership with LPG ensures RATI is available to all its clients via the firm’s Intelligent Online Conveyancing System.  The product costs just £69 per transaction and covers a spectrum of consumer costs including mortgage arrangement fees, professional fees (including legal costs) and disbursements. 

Law firms interested in Home Buyer Protection can order it directly via X-Press Legal Services’ Intelligent Conveyancing Online System ICOS or through their local office.

*TwentyCi Property & Homemover Report – Q1 2024 | TwentyCi