HLPartnership has warned that in the rush to complete property transactions by 31 March, buildings insurance is likely to be overlooked.
As the stamp duty holiday deadline nears its conclusion, HLPartnership outlines that an oversight in arranging buildings insurance could end up costing customers thousands of pounds if transactions are held up because the paperwork is not complete.
Shaun Almond, managing director of HLPartnership, said: “Every adviser has a checklist in their head of what is required for completion to take place, which in normal circumstances would ensure that nothing is missed.
The stamp duty holiday cut-off date at the end of March makes this a far from normal time and something so simple as having buildings insurance in place could get lost in the rush to get cases completed in time.
Although it is very simple to put in place, leaving it until the last minute means that with conveyancers and lender completions departments at full stretch, sending confirmation of a policy being on risk could be missed with disastrous consequences.
Tens of thousands of pounds of extra cost to customers is avoided just by ensuring that buildings insurance is in place in time.
More2life has partnered with PRIMIS Mortgage Network, which will see the later life lending specialist added to the mortgage network’s panel.
As part of the agreement, more2life will offer additional support to PRIMIS members as well as access to resources such as webinars and education collateral.
PRIMIS already has an existing relationship with Key Group’s referral brand Key Partnerships, which is designed to support advisers whose clients are keen to explore their equity release options.
Gary Little, business development director at Key Group, said: “With the later life lending market coming into its own, we are delighted to be working with a leading mortgage network like PRIMIS to help them support their members as they grow the range of products they are able to offer their clients.
We are looking forward to building a stronger relationship with PRIMIS and supporting them as they continue to expand their offering.
Vikki Jefferies, proposition director at PRIMIS, added: Partnering with more2life is an exciting step for us as we focus on supporting more advisers in the later life lending market, following the launch of our equity release panel earlier this week.
More2life’s priority investing in and championing advisers aligns with our own, and we are confident that, with their expertise and support, more of our broker firms will be better equipped to support older clients over the coming months.
We look forward to seeing the positive outcomes that our members achieve for customers in this area, particularly as the COVID-19 crisis continues to impact older households.