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Imagine this….

You have sold your property and agreed to buy another, you have spent £750 on a survey, £500 on a mortgage arrangement fee and £600 on solicitors disbursements, you then get a call to say ‘’sorry but I can’t find a property and I am not selling to you anymore’’ you have just lost £1,850!

This is exactly what was happening to some clients of Regency Partnership Independent mortgage advisers, Partners Chris Pownall & Brandon Hancox thought this was unfair and decided to do something about it.

Regency Partnership are a well respected Independent Mortgage broker and have been giving mortgage advice since 1996, they are one of only a few brokers that offer ‘’Truly Independent advice’’ and are able to do this by charging a fee but refunding any commission that is payable by a lender which means they cannot be biased!

Over the years a few of their clients had lost money when property purchases fell through but when the credit crunch began it was happening more often. They therefore introduced an added benefit to anyone using their service to buy a property called PLUS, this allows the person buying a property to reclaim these associated costs (up to a maximum amount) thus helping 1 in 4 people who buy their property through them get money back to keep looking for their dream home.

How does it work?
Whenever you instruct Regency Partnership to research and recommend a mortgage for a purchase you will automatically receive the benefit of PLUS.

What are the benefits, what could I reclaim?
Subject to the terms and conditions if the purchase falls through for one of the following reasons you will be reimbursed up to £500 in mortgage arrangement fees, £750 in valuation fees and £600 in solicitor’s disbursement costs.

What are the valid reasons for me to reclaim my losses?

• If the property is withdrawn from sale by the vendor due to reasons beyond you’re control. 
   
• The vendor receives and accepts an offer from a third party, which is a minimum of £1000 greater than the offer you previously accepted and you are not prepared to increase your offer.  
• The mortgage lenders survey or valuation on the property identifies that rectification work needs to be carried out, the cost of which exceeds 5% of the sum you have originally offered or values the property at less than 90% of the sum you have offered and which has been accepted and you decide not to proceed.  
• The mortgage lender insists on a secondary survey such as damp and timber or electrical survey is carried out and the mortgage lender then insists on additional rectification work being carried out to the property, the cost of which exceeds 10% of the agreed asking price and you decide not to proceed.  
• The mortgage lender applies a retention on the mortgage for the property and this figure exceeds 5% of the sum you have offered and which had originally been accepted and you decide not to proceed.  
• The property sustains damage during the period between offer and exchange of contracts where the total cost of rectification work exceeds 5% of the property value and you decide not to proceed.  
• The vendor is not legally entitled to sell the property or to transfer interest in the property to you. A survey or valuation is carried out and highlights that the property has been underpinned or shows signs of subsidence and you decide not to proceed with the purchase. 
• A Local Authority search highlights that the property is the subject of a compulsory purchase order, in a flood plain, on contaminated land or over a mining area. A search highlights the fact that there is a defect in the title and this cannot be rectified and you decide not to proceed with the purchase.  
• You or the person buying with you, die or contract a critical illness, sustain a serious injury, are given notice of redundancy or are given notification of relocation and you or the person buying with you decide not to proceed. 

Am I getting an insurance policy?

No, this is not an insurance policy for consumers; we are providing a service and will only reimburse you if you can provide genuine documents to substantiate your losses. How do I reclaim my losses? In the unfortunate event of your purchase failing to complete please contact Regency Partnership. You will be asked to provide proof of payments and depending on why the transaction has fallen through and any relevant official documents, such as mortgage offers, valuations, and letters from the lender on headed paper.

Are there any reasons why Regency Partnership would not reimburse me?

In the unlikely event that the following circumstances occur we will be unable to reimburse you:

• If the event happened before you instructed Regency Partnership to work on your behalf. 
• If your purchase was subject to a contracts race or sealed bids. 
• If you withdraw from the purchase of the property for reasons other than those mentioned above. 
• If you deliberately and/or knowingly cause a delay or use unreasonable behaviour that results in the failed purchase. 
• If the purchase has not exchanged or has not completed within 12 months of being registered with Regency Partnership. 
• If you are aware of a previous survey having been carried out to the property that may give cause for the purchase to fail. 
• If you were aware, before you instructed a Regency Partnership of any circumstances which could lead to the failure of the mortgage completing. 
• Where you can be reimbursed by your employer or obtain a refund, from a lender or solicitor. 
• In the case of redundancy we will not reimburse you if you are self employed, if you have taken voluntary redundancy or if you are a company director or partner of the company giving notice of redundancy. 

With thanks to Regency Partnership www.regencypartnership.com

Please contact either Chris or Brandon at chris@regencypartnership.com or brandon@regencypartnership.com