upthemanor

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About upthemanor

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  1. Thank you Conor. Really appreciate that. I think it's time to cut our losses and move on. Thanks all.
  2. Thanks for the replies everyone. The builder is adamant that the warranty value is correct and that the issue is with the lender. His view is to get a new lender. My issue is that, whilst we have an agreement in principle with a new lender, we are likely to hit this problem if we ever wanted to sell within the first 10 years. I just can't understand why the certificate value can't be upped? We've obviously invested quite a bit already and have had discussions about walking away from this purchase with the builder. Does £150,000 for a six bedroomed, three storey house (approx 2,800 square feet) seem excessivley low to everyone? I'm ashamed to admit that I honestly have no idea.
  3. Hi there Any help with the enclosed would be massively appreciated. I'm currently in the process of purchasing a new build property that has a Buildzone warranty with a value of £150,000. The purchase price of the house is in excess of £500,000 and the rebuild cost according to the BCIS webiste is £363,000. We are at exchange of contracts stage and our solicitor has flagged that our mortgage company has stated that the certifcated value is not enough. With this in mind they won't proceed with the mortgage offer. We've used a mortage broker who has stated that the market is severly limited due to the value on the certifcate so much so that he can't guarantee that we can even get a mortgage with the current certificate value in place. My question is this; can the builder raise the cost on the certificate (and obviously incur costs) or is this a value that is set by Buildzone? Buildzone won't talk to me as the builder is obviously the warranty holder. If the value can be raised what would the expected premium be (appreciate these can vary)? Many thanks for reading and I hope I've made sense. Thanks