X-Press Legal Services is calling on conveyancers to proactively offer Residential Abortive Transaction Insurance (RATI) to clients at the outset of each instruction.
Since partnering with insurer LPG in late 2023, X-Press has made RATI available to its legal clients, reporting an impressive 80% uptake when the product is presented alongside conveyancing quotes.
With nearly 65,000 property deals collapsing in the first quarter of 2024*, the company highlights RATI as an effective safeguard—protecting clients’ finances while supporting the reputations of legal professionals.
“Initial feedback shows that RATI significantly boosts consumer confidence and helps foster greater transparency throughout the conveyancing process,” said Lynne Lister, Managing Director of X-Press Legal Services. “Just as travel insurance has become a standard purchase for holidays, we’re seeing a shift in consumer expectations around property transactions. People are increasingly aware of the risks and want to protect themselves. At under £70, RATI is an affordable and practical option. Our collaboration with the insurance sector enables law firms to reduce the financial and emotional strain on clients, which benefits everyone involved.”
Available through X-Press Legal’s Intelligent Conveyancing Online System, the RATI product costs £69 per transaction. It covers a wide range of expenses, including mortgage arrangement fees, legal and professional costs, and disbursements.
Law firms can access RATI directly via the Intelligent Conveyancing Online System (ICOS) or visit xpresslegal.co.uk to contact their local office.
