 |
 |
|
product details
|
|
| Q:What is a Zurich Property Deposit Guarantee? |
| A: It’s simply a financial guarantee. It’s a totally secure promise that Zurich make to a developer on your behalf. The Guarantee allows you to delay paying the deposit until the build is complete but at that stage you will need to pay the complete cost for the property including the deposit amount. |
|
| back to the top |
|
| Q:How does the Guarantee work? |
| A: Instead of paying the deposit in cash, the buyer purchases the Guarantee from Zurich Bank. The developer agrees to accept the Guarantee in place of a cash deposit, as the Guarantee means they are 'guaranteed' to get their deposit at a later date. They are given the Guarantee at exchange of contracts and are able to claim the deposit amount from Zurich should the buyer fail to pay the deposit at completion. |
|
| back to the top |
|
| Q:Why should I apply for a Zurich Property Deposit Guarantee? |
| A: If it suits your financial plans the Guarantee may be a more effective way to use your money than liquidating investments or borrowing money at a costly rate. It may also allow you to make a fast decision and secure the property you want rather than having to have all your finances in place at the point of exchange. |
|
| back to the top |
|
| Q:Who can apply for one? |
| A:
Any individual who meets the eligibility criteria
can apply for a Guarantee . Two or more people
who want to buy a property together will each
have to meet the criteria separately. |
|
| back to the top |
|
| Q:Can it be used for any type of property? |
| A: It can be used for what are generally called 'off plan' properties, i.e. homes that are being built but will take several months to finish so you aren't able to move in immediately. It can't be used for commercial properties. However, it can be used for any type of property purchase subject to the seller being prepared to accept the deposit guarantee in place of your normal cash deposit.' |
|
| back to the top |
|
| Q:Will it be accepted by the developer/vendor? |
| A: Zurich Bank and The X Bond Company are working with selected developers but would be interested to talk to new developers about the option for them to accept the Guarantee. If you are unsure whether your chosen development will accept the Guarantee please call us on 0845 88 22 888. |
|
| back to the top |
|
| Q:Which developers will currently accept the Deposit Guarantee? |
| A:
Follow this link to view
a list of property developers who we are
currently working with and will accept
the Guarantee instead in place of a cash deposit. |
|
| back to the top |
|
| Q:What is the counter indemnity? |
| A: The Counter Indemnity is an important legal document that you must sign before the Guarantee can be issued. Should you fail to complete, Zurich Bank will pay the guaranteed deposit amount to the developer. The Counter Indemnity gives Zurich Bank the legal right to reclaim that amount you. It's therefore really important that you read and understand it, and we recommend you take legal advice before you sign. |
|
| back to the top |
|
| Q:Is the Guarantee transferable to another name? |
| A: No, the application for the Guarantee is agreed for a specific person or people and cannot be changed. |
|
| back to the top |
|
| Q:Is the Guarantee transferable to another property? |
| A: No, the Guarantee is agreed for a specific property and cannot be changed. |
|
| back to the top |
|
| Q:Can I apply for more than one Guarantee? |
| Yes, but each application would be assessed and you would need to have sufficient funds to be able to pay for all the properties in full at completion. If you wish to apply for multiple Guarantees, you'll need to call us on 0845 88 22 888. |
|
| back to the top |
|
| Q:Who are Zurich? |
A: Zurich was founded in 1872 and is today one of the world’s major players in insurance. It employs about 55,000 people serving customers in more than 120 countries. Zurich is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe, including the UK, as well as in Asia Pacific, Latin America and other markets. Its core business is life and general insurance. You can find out more about the Zurich Financial Services group at www.zurich.com
Zurich Bank is a member of the Zurich Financial Services group and an important provider of Property Deposit Guarantees. You can find out more about Zurich Bank at www.zurichbank.com |
|
| back to the top |
|
| Q:Is Zurich Bank regulated? |
| A: Yes. Zurich Bank is regulated by the Irish Financial Regulator. Zurich Bank is authorised to provide financial services in a number of EU countries including the UK. Further details on Zurich Bank can be obtained on the FSA website. |
|
| back to the top |
|
| Q:Will I still need to pay the deposit if I decide not to complete after exchange? |
| A: Once you exchange contracts you are legally obliged to follow through to completion. If you were paying cash for the deposit and failed to complete, you would normally lose your deposit. In the case of the Guarantee, we will pay your deposit to the developer and you will then be required to pay the amount back to us. |
|
| back to the top |
|
| Q:How can I contact you if I have any questions? |
| A: Email theteam@thexbond.com, call 0845 88 22 888, write to The X Bond Company Ltd, 17 Regan Way, Chetwynd Business Park, Chilwell, Nottingham, NG9 6RZ. |
|
| back to the top |
|
| Q:Is there a minimum and maximum Guarantee term? |
| A: Guarantees are available over 6,12,18 and 24 month terms. |
|
| back to the top |
|
application
|
|
| Q:Who can apply for one? |
| A: Any individual who meets the eligibility criteria can apply for a Guarantee. Two or more people who want to buy a property together will each have to meet the criteria separately. |
|
| back to the top |
|
| Q:How do I apply? |
| A: There are several ways to complete an application. You can apply on line using this link, you can complete an application at the developer's office with a sales advisor or you can complete an application over the phone by calling 0845 88 22 888 |
|
| back to the top |
|
| Q:How quickly will I get a decision? |
| A: You will get your decision in principle within 48 hours, however, we may need you to send in documents to support your application. |
|
| back to the top |
|
| Q:Will I get the application fee refunded if I'm declined? |
| A: No, the application fee is designed to cover the cost of us assessing your application and will not be refunded. |
|
| back to the top |
|
| Q: How long will the application process take? |
| A: On completing your application you should get a decision in principle within 48 hours. It's likely that we'll ask you to send in documents to support this decision. We will work with you to ensure we get all the correct documents from you and to make sure you have your Guarantee before the exchange date. |
|
| back to the top |
|
| Q: Is there a minimum and maximum Guarantee amount? |
| A: No you are welcome to contact us about any size of guarantee however we might need to ask you a few extra questions before we agreed to guarantee a sum over £50,000. We recommend you discuss your specific requirements with us by calling 0845 88 22 888. |
|
| back to the top |
|
| Q: Is there a minimum and maximum Guarantee term? |
| A: Guarantees are available over 6, 12, 18 and 24 month terms. |
|
| back to the top |
|
how much does it cost
|
|
| Q: How much is the Guarantee? |
| A: The amount of the Guarantee depends on the amount of your deposit and the term of the Guarantee. |
|
| back to the top |
|
| Q: Can I get the Guarantee fee refunded if I don't use it? |
| A: If you exchange contracts then the Guarantee is considered to have been used so you cannot get a refund. If for any reason contracts are not exchanged then we will refund the Guarantee amount but not the application fee. |
|
| back to the top |
|
| Q: Can I pay my deposit partly with cash and use a Guarantee for the rest? |
| A: Yes. If you pay some of the deposit in cash, we can calculate a fee to guarantee the remaining deposit amount. |
|
| back to the top |
|
| Q: How do I make payments? |
| A: You can pay for application fee and the Guarantee by Debit or Credit card over the phone, by bank transfer or bankers draft or by cheque. |
|
| back to the top |
|
| Q: Will I get the application fee refunded if I'm declined? |
| A: No, the application fee is designed to cover the cost of us assessing your application and will not be refunded. |
|
| back to the top |
|
| Q: Is there a minimum and maximum Guarantee amount? |
| A: No you are welcome to contact us about any size of guarantee however we might need to ask you a few extra questions before we agreed to guarantee a sum over £50,000. We recommend you discuss your specific requirements with us by calling 0845 88 22 888. |
|
| back to the top |
|
exchange and completion
|
|
| Q: When does the Guarantee expire/ how long is it valid for? |
| A: You buy a Guarantee for a specific period of 6,12,18 or 24 months. It is valid from the moment you exchange contracts for the term of the Guarantee you've bought. |
|
| back to the top |
|
| Q: Can the expiry date be changed/extended? |
| A: If the completion of your property is only days away it may be possible to extend the Guarantee. We will contact you within 3 months of the expiry of your Guarantee to ensure everything is on track and discuss your options. If the completion is going to be delayed by a longer period you may need to consider buying a second Guarantee to cover the extra time. This will be a decision for you, your solicitor and the developer. If you do need to buy a longer Guarantee you will need to fill out a new application and there would be a reduced application fee of £50 plus VAT. |
|
| back to the top |
|
| Q: Can I get the Guarantee fee refunded if I don't use it? |
| A: If you exchange contracts then the Guarantee is considered to have been used so you cannot get a refund. If for any reason contracts are not exchanged then we will refund the Guarantee amount but not the application fee. |
|
| back to the top |
|
| Q: Will I still need to pay the deposit if I decide not to complete after exchange? |
| A: Once you exchange contracts you are legally obliged to follow through to completion. If you were paying cash for the deposit and failed to complete, you would normally lose your deposit. In the case of the Guarantee, we will pay your deposit to the developer and you will then be required to pay the amount back to us. |
|
| back to the top |
|
Zurich
|
|
| Q: What is a Zurich Property Deposit Guarantee? |
| A: It’s simply a financial guarantee. It’s a totally secure promise that Zurich make to a developer on your behalf. The Guarantee allows you to delay paying the deposit until the build is complete but at that stage you will need to pay the complete cost for the property including the deposit amount. |
|
| back to the top |
|
| Q: How does the Guarantee work? |
| A: Instead of paying the deposit in cash, the buyer purchases the Guarantee from Zurich Bank. The developer agrees to accept the Guarantee in place of a cash deposit, as the Guarantee means they are 'guaranteed' to get their deposit at a later date. They are given the Guarantee at exchange of contracts and are able to claim the deposit amount from Zurich should the buyer fail to pay the deposit at completion. |
|
| back to the top |
|
| Q: Who are Zurich? |
A: Zurich was founded in 1872 and is today one of the world’s major players in insurance. It employs about 55,000 people serving customers in more than 120 countries. Zurich is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe, including the UK, as well as in Asia Pacific, Latin America and other markets. Its core business is life and general insurance. You can find out more about the Zurich Financial Services group at www.zurich.com
Zurich Bank is a member of the Zurich Financial Services group and an important provider of Property Deposit Guarantees. You can find out more about Zurich Bank at www.zurichbank.com |
|
| back to the top |
|
| Q: Is Zurich Bank regulated? |
| A: Yes. Zurich Bank is regulated by the Irish Financial Regulator. Zurich Bank is authorised to provide financial services in a number of EU countries including the UK. Further details on Zurich Bank can be obtained on the FSA website www.fsa.gov.uk. |
|
| back to the top |
|
