The results are now in from a survey we commissioned from top pollsters, Populus.
We decided to undertake a survey to put paid to the myth that clients don't like conveyancing insurance products.
We have had a few conveyancing solicitors say that their clients don't want Conveyancing Expenses Insurance to protect them in case their purchase or sale falls through. Yet, when we have asked around, the man in the street seemed to think it was a good idea. Hence the survey.
We wanted a good cross section and a reasonable number of respondents. In the end, some 2,048 people completed the questionnaire, answering 3 questions.
The first explained that, some sales or purchases fall through and can mean they would be out of pocket by up to £1,200 due to the cost of a survey, disbursements and fees. If they were considering buying a house, would they be concerned about this risk?
Guess what? A massive 80% said they would be concerned. That's pretty significant.
Question 2 told them that our MoveSafe policy would cover these risks and cost £82 but was only payable if the house purchase went ahead. Would they be likely to buy it?
Answer : 60% said yes.
Final question (and this is the crucial one for conveyancing solicitors), we asked: Should your conveyancing solicitor have the ability to offer you Conveyancing Insurance policies?
Answer: 77% said yes, they wanted a conveyancing solicitor to offer such insurance.
So that's pretty significant all round I think.
Clients want the insurance, clients benefit from peace of mind, and solicitor gets paid on failed transactions if the insurance is taken out.
Win win isn't it?