Abortive costs scheme when house buying?

[bilbodog]

My DD is currently buying first property and solicitors have offered this scheme for £60 to cover up to £300 costs if purchase falls thru. Anyone else done this? Sounds like yet another ‘indemnity insurance’ type of thing - is there any end to all these extra costs that solicitors etc can add to the bill.

It sounds like a lot of premium for very little. A failed sale could cost a lot more than that. Sounds like another money making scheme, and I bet there are a lot of get out clauses.
If it was £20 for 2k, that would be more like it!

If it was me, I wouldn't pay it. A lot of premium for very little cover. Better just to take the risk.

What kind of losses? At what stage of pull out? We had excellent solicitors with no purchase no fee (barrring the £250 retainer and initial searches fee).

We paid I think £50 with our sale and purchase and if the chain collapsed we would only have to cover costs the solicitor had paid out (like searches) not for any of their time. Not sure £60 for only £300 is worth it though.