News & Insights // AHIPP No Sale No Fee Insurance Policy


CLS is pleased to announce the release of a No Sale No Fee Insurance policy available to AHIPP members to guarantee the costs incurred by a seller in purchasing a Home Information Pack required to put their property to market. This policy has been developed with Close Payment Services and is available for both deferred and non-deferred HIPs. The policy is underwritten on the best paper available – Munich Re...
 

What does it cover?

  • Homeowners for the costs of the HIP in the event that the property fails to sell in a 9 month period
  • Administration Fees
  • Marketing costs (estate agent marketing fees)
  • Legal Fees
  • Interest paid on a loan for the HIP
All of the above up to a maximum of either £500 or £1,000 
 

What Does it Cost?

Using Close Bank Deferred Payment Scheme:
  • £40 premium including IPT for up to £500 cover
  • £70 premium including IPT for up to £1,000 cover
For Non-Deferred HIPs:
  • £55 premium including IPT for up to £500 cover
  • £90 premium including IPT for up to £1,000 cover

How does it work for Deferred?

  • CLS provides you with a Master policy insurance document detailing the cover we provide to you the HIP provider
  • You (the HIP supplier or Estate Agent) complete client and property details for the listings agreement into your case management system
  • Details sent to Close Payment Services
  • Close Payment Services sends details to CLS to create the Guarantee that is returned instantly to you directly for inclusion into the Deferred Home Information Pack for the customer
  • Close Payment Services then deducts the cost of the Guarantee from the funds they pay to you

For Non-Deferred:

Guarantees for Non-deferred HIPs will be available from CLS website directly at www.clsl.co.uk 
 

What to watch out for

There are some exclusions within the policy which should be made clear to your client prior to the sale of this policy:
  • The property needs to be continuously marketed for a period of 9 months
  • They must take your advice if you recommend the price should be lowered in order to be able to sell the property
  • They must not turn down two or more offers over 90% of the asking price
Failure to comply with these conditions may result in the invalidation of the Guarantee provided. 

For further detail on the above scheme, please contact: Sam Cherry, Director on 07903 113760 sam.cherry@clsl.co.uk