Category: Buyer, First Time Buyer, Guides & Advice, Sale & Purchase
What is SearchPlus Protection (SPP)?
When navigating the often complex and stressful process of purchasing a property, Homeward Legal offers a valuable safeguard known as SearchPlus Protection (SPP).
This protection is designed to give homebuyers peace of mind by covering the cost of property searches when their initial purchase falls through, providing financial relief on future property searches.
SearchPlus Protection (SPP) allows clients to proceed with property searches confidently and without delay, minimising the risk of setbacks and expediting results.
SPP comes into play under Homeward Legal's No Completion, No Fee Policy, which ensures that clients do not have to pay legal fees if their transaction does not complete.
If a client's property purchase fails and they decide to purchase another property, SPP provides the benefit of free searches on the new property, provided certain conditions are met.
How SearchPlus Protection works
The SearchPlus Protection works as follow:
1. Initial search payment
The first step for a client to qualify for SPP is to have conducted and paid for a set of property searches on the first purchase.
These searches might include local authority searches, environmental searches, drainage and water reports, among others.
2. Property falls through
If, unfortunately, the first property transaction does not proceed to completion, SPP becomes active.
3. Free Searches on second property
When the client begins the process of purchasing a second property using the same service provider, they are entitled to free searches for the new property.
The second set of searches must be equivalent in value to the original ones, and the search provider must be an authorised third party under the SPP terms.
Eligibility Criteria for the SPP
SPP offers protection, but certain conditions must be met for clients to benefit from it:
- First set of searches completed and paid: The client must have paid for a full set of searches on the initial property.
- Same service provider: The client must continue working with Homeward Legal for the second purchase.
- Authorised search provider: The searches must have been conducted through a Homeward Legal's third-party search provider authorised under the SPP scheme.
- Equivalent searches: The second set of searches must be equivalent to those conducted on the first property, and their value cannot exceed the original search fees.
We can help you with your conveyancing
SearchPlus Protection is an excellent feature for homebuyers who are navigating uncertain property transactions.
By covering the costs of searches on future purchases when an initial sale falls through, it reduces the financial burden of repeated property searches.
This, combined with Homeward Legal's No Completion, No Fee Policy, ensures that buyers are not left out-of-pocket in the stressful event of a failed property transaction.
Make sure you benefit from Homeward Legal's Fixed Legal Fees Policy and No Completion No Fee Policy, as well as a SearchPlus protection.
Get a quick quote today or give us a call on to find out more.