X-Press Legal services has formed a new partnership with LPG, enabling conveyancers to mitigate the financial costs of failed property transactions for their clients.
As reported by Today’s Conveyancer the average cost of a fall-through during the second quarter of 2023 was £3,394, up from £3,355 in Q1. At the same time, the estimated number of transactions that fell-through in Q2 hit 69,940, a 10.2% increase on the previous quarter.
As a leading provider of property searches and reports to the conveyancing industry, X-Press Legal Services is now on a mission to protect conveyancers’ reputations and consumers cash by raising awareness of a little-known insurance product – Home Buyer Protection.
The company has announced a strategic partnership with insurance provider LPG to ensure Home Buyer Protection is available to all legal firms that it partners with. Sharing the same values as X-Press Legal Services, LPG is dedicated to building meaningful client relationships. The partnership aims to empower consumers ensuring enhanced protection and peace of mind during the transaction process.
“This collaboration with LPG stems from our commitment to ensuring the legal firms we partner with can offer their clients an enhanced property buying experience,” commented Lynne Lister, MD of X-Press Legal Services. “Home Buyer Protection ensures consumers are safeguarded while also promoting confidence and transparency throughout the process. We hope this additional asset will be welcomed by local law firms who recognise the financial damage that losing out on a purchase can cause their clients. Together, we can make buying a home less stressful for purchasers which is positive news for all parties.”
Property transactions entail an array of risks, both known and unforeseen during the 144-day average journey from deciding to buy and property instruction to purchase completion. Home Buyer Protection covers a spectrum of costs associated with the transaction process, including mortgage arrangement fees, professional fees (including legal costs) and disbursements.
“Clients will be thanking rather than blaming their conveyancers when transactions fall through, if they have Home Buyers Protection,” added Lynne. “This insurance covers mortgage arrangement fees, professional fees and disbursements, making the loss of a purchase less financially painful and hopefully giving consumers the confidence to retain their conveyancer and start the process again.” Law firms interested in Home Buyer Protection can order it directly via X-Press Legal Services’ Intelligent Conveyancing Online System ICOS or via their local X-Press Legal Services Office.