The firm’s fixed-fee guarantee will cover the cost of failed property transactions.
Such policies are increasingly common as buyers and sellers look to cover the cost of moving home if the deal fails to go ahead.
Gen H’s clients are given the option at the start of their transaction to pay an additional £175, plus VAT, for the guarantee.
Legal fees covered
If they use this fixed-fee guarantee and their transaction fails to complete, they won’t have to pay anything extra for legal fees.
Without the fixed-fee guarantee, a client would have to pay a cancellation rate, which is a percentage of the total legal fee based on how far their transaction has reached.
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The client will still have to pay for any disbursements incurred on top of the fixed-fee guarantee.
Gen H Legal launched in 2022, providing a proactive, boutique service.
Together, Gen H and Gen H Legal offer an end-to-end home buying solution that provides clients with access to discounted mortgage rates when they bundle their Gen H mortgage with Gen H Legal conveyancing.
Rebecca de Andrade, head of legal practice at Gen H Legal, said: “Conveyancing is a necessary part of any property transaction, but it can be costly and feel opaque for clients.
“The sheer investment required can leave people on edge.
“The failed transaction fixed-fee guarantee is designed to ease some of these worries.
“We’ll always do everything we can to help our clients complete as quickly as possible – but in the event that something goes sideways, this guarantee could help.”
Earlier this year, Gen H confirmed that it had secured additional capital from new and existing lenders, including Legal and General (L&G), and would continue its forward-flow arrangement with Nottingham Building Society.
Gen H was founded in 2019 and offers ‘income booster’, ‘deposit booster’ and ‘dynamic ownership’ products that look to get more people onto the property ladder.
