Building Warranties, Finance Packages for Renovation & Conversion Projects. Some Developers have recently made the common mistake of thinking that there is no warranty requirement for refurbishments or conversion projects only for new build.
In fact, lenders now insist on a warranty being in place for any conversion or refurbishment where structural work is taking place. It has also been known for lenders to refuse finance even on a conversion where no structural work has taken place. The rule of thumb now is if you are carrying out works that will convert a building from one type of use to residential or are carrying out major refurbishment works to a residential unit then you need a 10 year building warranty. Our service is aimed at professional property developers who have the skill to carry out the works to a high standard with a quality outcome.
Short term lending product. Building Warranties Vs Professional Consultants Certificate. Do I need a Professional Consultants Certificate or a Building Warranty?
If you are developing a property and are intending to sell it, rent it or refinance it you will need a Professional Consultants Certificate (PCC) or a Building warranty. Mortgage Lenders will only lend on a property if it is covered by an approved warranty policy or a Council of Mortgage Lenders (CML) Professional Consultants Certificate (PCC). Key benefits of a Professional Consultant’s Certificate. Building Warranties- a necessary evil. Building warranties are insurance policies that provide the residential home or commercial building with a 10 year structural latent defects guarantee in the event of building damage or failure due to build & design inefficiencies.
There are numerous forms of residential and commercial cover including new homes and conversion / refurbishment housing warranties, completed housing warranties, self-build warranties, commercial property warranties along with more specialist warranties for insolvencies and social housing. Building warranty products offer to repair or replace parts of the building that do not perform or function properly or to regulation standards because of a latent defect. Building Warranty Insurance UK, New Build Warranty UK. Who is it for?
Professional Property Developers and Contractors / Builders constructing new build units Type of properties covered Any new build, conversion or major refurbishment of a residential home including (but not limited to) houses, flats, bungalows, barn conversions Why Choose a New Build Home Warranty? Property Renovation Insurance – getting the right mix - BuildSafe. I thought it was worth explaining the different policies in this sector, there are three key areas of insurance for any of your clients who are going to appoint a contractor to carry out major works on their home (or for that matter build them a new one). 1.
Latent Defect Insurance (Structural Warranty) 2. Non Negligent JCT 21.2.1 Insurance 3. Renovation/ home works Insurance These three policies all cover different parts of the build process but all are just as important as each other. No sign of the Brexit effect yet! Builders see rise in profits. After the vote for Brexit, many people had predicted that it would trigger a slowdown in the property market.
However British house prices have since increased at their quickest annual rate in four months in July. A report by Nationwide has stated that house prices increased by 5.2% in July, up from a 5.1% rise in June despite predictions that it would only increase by 4.5%. We may have to wait for the full impact of Brexit to be seen however as these figures are based on property prices at the point at which buyers are offered mortgages.