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 The lending criteria is set individually but as a guide we will lend 100% of the construction cost and up to 55% of the GDV (gross development value).
Buildsafe UK. Building Warranties Vs Professional Consultants Certificate | Building Warranty Providers| PCC Providers. 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 Complies with the Council of Mortgage Lenders guide linesAccepted by the majority of LendersCan be upgraded to a full Building warranty if neededSpeed of service – surveyor on site in days, not weeksCost effective – Certificates are usually more cost effective than a full warrantySecurity – make sure your provider is regulated by a professional body such as Royal Institute of Chartered Surveyors.
Key benefits of a Building Warranty Why are they required? Provision for Construction Finance Warranty Providers PCC Providers. Building Warranties- a necessary evil | Importance of Building Warranties. 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. Residential warranties are provided to new homes, conversions and major refurbishments Definition of Major damage only What it covers?
Major damage only Buildsafe UK. 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? Approved by Council of Mortgage Companies Accepted by all High street lenders 10 year insurance against major structural damage Can be taken out even if project has started How do I obtain a New Build Home Warranty at the best price?
Complete our online enquiry form We will then look across the market in order to provide you with a variety of quotes so you can compare different products in the market, this will enable you to secure the best value product available. Click here to fill out an enquiry form Got a question? Self-Build Home Warranty An individual whois looking for a structural warranty for a self build home. Why Choose a Self-Build Home Warranty Completed House 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. 1. Structural Warranty Structural warranties are insurance policies that provide the residential home with a 10 year latent defects guarantee in the event of building damage or failure due to build & design inefficiencies . It is now a requirement that all new build residential properties benefit from a 10 year structural warranty recognized by the Council of Mortgage Lenders. The Council of Mortgage Lenders hand book states 2 .Non Negligent JCT 21.2.1 Insurance Areas covered 3. 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. This is something which occurs with a short lag after a decision to buy a property. Further good news was announced by Taylor Wimpey as they announced that the vote to leave the European Union had not had any impact to its trading; they reported a rise in profits for the six months to July.
Similar trends can be seen in the rental market which has broadly remained calm after Brexit contrary to predictions made leading up to the vote on the 23rd.