A third (33 per cent) of homeowners plan to move property in 2020 according to new research from Barclays Mortgages. So, as the nation starts its New Year property searches, will home seekers be aware of the potential pitfalls of not appointing a conveyancing expert to run property search reports?
In 2018, over £400 million* was wasted on failed UK property transactions in England and Wales. For the consumer, this could mean one in three people losing a significant amount of money in failed attempts to buy or sell their home and for some this could put an end to their residential sale or purchase for good.
At X-Press Legal our experts know that there are many things that can affect the property purchase process – whether you are the buyer or the seller. As one of the top ten property searches and reports companies our in-depth understanding of the risks associated with property transactions is used by a large network of conveyancing solicitors throughout England and Wales to protect consumers during the purchase process.
Conveyancing law firms use our compliant range of property searches and reports as an essential part of the property-buying process.
The survey from Barclays Mortgages also found that a third (33 per cent) stated that the size of the home is more important than the location and nearly half (42 per cent) would choose to own a larger property over staying in their current area. This lack of loyalty to locality means that almost half of home seekers in 2020 will not be familiar with the new location of their next property.
Our nationwide network of X-Press Legal owners are all based in their own territories working with local conveyancing firms who really do know their towns, villages and developments like the back of their hands. Our leading-edge property search and report technology adds an extra level of insight to this local ‘knowledge on the ground’ to ensure that no new home buyer falls victim to any nasty surprises.
To further protect consumers, we’ve created a suite of Residential Abortive Transaction Insurance (RATI) policies. These are available to both buyers and sellers and give protection against failed property transactions.
With no excess, £1,500 total cover and a 12 month expiry date, buyers are protected from losing money on conveyancing fees (including searches), lender’s arrangement fees and survey or valuation fees if their transaction fails.
We’re ensuring that the ‘one in three’ is fully equipped with all the facts to protect against their 2020 property move failing.