The average cost to consumers of a collapsed property transaction has risen to £2,000 – a recent survey from Barclays has revealed.
Some have blamed lengthening transaction times on this rising cost. But attributing this financial loss entirely on the conveyancing process ignores a key reality: many fall‑throughs are driven not by procedural failures but by human behaviour – changing circumstances, gazumping or simply getting cold feet.
A very quick and simple way to protect consumers is Abortive Transaction Insurance, also known as Home Buyers and Home Sellers Protection Insurance. Available for just £69 it can recover up to £1,500 in property transaction losses and is available from our website.
“You wouldn’t risk going abroad without taking out travel insurance so why are consumers taking such a huge gamble on property without safeguarding their money?” questions Christian Lister, operations director of X-Press Legal Services. “As much as we all hope for a smooth purchase or sale, the reality is that property transactions are unpredictable and can fail for a myriad of reasons relating to our everyday lives – death, divorce, job loss – to name but a few.
“The quickest and most impactful fix is changing consumer attitudes towards insuring their transactions. It’s a far simpler step than attempting to reform the entire conveyancing process which could take years. With this insurance, home buyers and sellers can dust themselves off and start again, safe in the knowledge that if the worst happens, a reliable safety net is always in place.”
Property transactions entail an array of risks, both known and unforeseen during the 12-16 week average journey from solicitor instruction to completion. Abortive Transaction Insurance covers change of circumstances such as redundancy, as well as costs associated with the transaction process including mortgage fees, survey fees, legal fees and disbursements.
Full policy details and T&Cs for this insurance can be found here on our website: