Latest happenings in the UK Building Warranty market. If you are a property developer or builder, you know the importance of obtaining the right Building Warranty.
As the leading independent provider of building warranties in the market we are happy to publish the latest updates so you can ensure you are fully informed. New entrants to the warranty sector There has recently been a number of new entrants providing Latent defect Insurance (Building Warranty’s. With demand seeing a significant increase, it is only natural that more providers will try to enter the market.
Property Developers Favour Challenger Banks Over High-street-rivals. Traditionally the market for development finance has been dominated by major banks.
With the likes of Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland having a combined share of 85% of the development finance market, there was little appetite for developers to look elsewhere for funding. However, in recent years the preference for tailored customer service and high customer satisfaction has increasingly become a deciding factor in the choice of development lender. According to a recent study by the Competition and Markets Authority (CMA) and a survey of 12,000 small and medium sized developers conducted by the Financial Times, these small and medium sized developers are happier with the service they receive when they are clients of “challenger banks”/alternative lenders, rather than those that go to the major established lenders.
At the top of their rankings were banks such as Handelsbanken, a Swedish lender with about 200 UK branches. Property Development Finance UK. Build Safe finance works with a specialist panel of development finance lenders to enable access to funds at competitive interest rates.
Facilities available range from £100K to over £10m in the right circumstances. In addition we have access to competitive bridging facilities for when you need to leverage your property assets The Build safe team has in excess of 20 years’ experience in the UK property sector including development finance, bridging loans and asset management Our panel of lenders are looking for developers with a proven track record who are developing a relevant project for the location and in established residential areas. Independent Building Control UK. Who are we?
Buildsafe UK is an independent provider of Build control services, we team with a panel of Approved Inspectors to ensure you receive a professional service. What is Building Control? Building Regulations in England and Wales are set by the Department for Communities and Local Government (DCLG). 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. 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. 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%. Barn Conversions & Building warranties – How difficult can it be… Any developer about to undertake a project involving the conversion of a barn needs to consider the cost for and difficulty in obtaining a Building Warranty (Latent defect insurance).
There has been a quantum shift in the risk assessment for this type of development, the majority of insurers have recently made the decision not to offer cover for barns. However it’s not all bad news out of the big six (Insurers) two will still offer cover but they need to collate a large amount of information from you and it can take weeks to just get an indication of cost. As an example of their reluctance to insure barns one of the providers will not insure a barn if livestock has kept in it in recent years. In order to ensure the best price for a warranty on a barn conversion make sure that you take the warranty out before you start any work on the conversion, and make sure you have at the very least the list of information below.
Structural Warranties on Completed units - BuildSafe. It is a fact that circumstances change in the world of property development.
As an example, you build a house or block of apartments that you are going to rent for the long term, because you don’t expect to sell the asset you decide not to purchase a building warranty. However, a few months after practical completion of the build an opportunity arises to purchase another asset prime for redevelopment so you decide to sell the original property. Problem is none of the banks will lend to your potential purchasers without a structural warranty being in place. Here is where we can help. The latest happenings in the UK Building Warranty market - BuildSafe. If you are a property developer or builder, you know the importance of obtaining the right Building Warranty.
As the leading independent provider of building warranties in the market we are happy to publish the latest updates so you can ensure you are fully informed. New entrants to the warranty sector.