Dotty Posted March 30, 2021 Share Posted March 30, 2021 Hi Just about to start our first self build but no idea how long we will be living in it for and therefore want the peace of mind of a structural warranty so no barriers to sale. we live in Scotland and the quotes I have got seem crazy money (£6k) the rebuild cost is only 235k - has anyone else had a similar problem? - not sure if the insurance market has gone crazy after Grenfell/covid or its just a Scotland/location thing? Our builder is really surprised as the price has gone up by so much. Any advice greatly appreciated - I spoke to consultant architects about an architects cert and they didn't recommend and nor did our own architect want to do a cert for it as lenders are not keen . we are not borrowing to do the build its more so no issues with a sale at a later date Many thanks Link to comment Share on other sites More sharing options...
Moonshine Posted March 30, 2021 Share Posted March 30, 2021 why not get a retrospective warranty at a later date when you come to sell it? Link to comment Share on other sites More sharing options...
Dotty Posted March 30, 2021 Author Share Posted March 30, 2021 I understand that is difficult to do and more expensive also some insurers wont even touch it if it is 6 years after the build. It seems they like to be involved before you break ground? on phoning around there are lots of stipulations and caveats to insurances. Link to comment Share on other sites More sharing options...
Bonner Posted March 31, 2021 Share Posted March 31, 2021 I have quotes around 2.5k for 300k reinstatement cost (traditional construction). Try Buildzone, Buildcare, Buildstore (might be the same company?) and Protek. Note Protek were not offering any policies until April. If you talk to them, let us know the current situation ? Link to comment Share on other sites More sharing options...
Moonshine Posted March 31, 2021 Share Posted March 31, 2021 15 minutes ago, Bonner said: I have quotes around 2.5k for 300k reinstatement cost (traditional construction). Try Buildzone, Buildcare, Buildstore (might be the same company?) and Protek. Note Protek were not offering any policies until April. If you talk to them, let us know the current situation ? Mine was £3.5k but includes a basement, i spoke to protek who said they aren't offering any until may now! i don't know if you try again if you will get a different answer. Link to comment Share on other sites More sharing options...
Dotty Posted March 31, 2021 Author Share Posted March 31, 2021 Yes Protek are full couldn't insure anything just now. The quote I had have now come back and can reduce by half but only one site audit and a structural warranty on completion. the other quote was for several site audits and 10 year structural. Trying to find out if this would make a difference to a lender should we have to sell at some point and they don't think that is such a good warranty? presumably not so many checks so not so thorough so I pay more for the premium but less for the site audits- still it's a saving of 3k Our builder is very good so we are not particularly concerned about him, more the reassurance that we would not have any problems should the worst happen and we need to move. Had a recommendation of an architects structural warranty for ten years ( but I know a lot of lenders wont take this) I have had a quote from selfBuildzone from the form they look pretty similar to Buildcare etc. CRL were recommended but looks like a law firm are taking their calls and their quote number is unobtainable... Link to comment Share on other sites More sharing options...
Sicher Posted April 18, 2021 Share Posted April 18, 2021 On 30/03/2021 at 13:56, Moonshine said: why not get a retrospective warranty at a later date when you come to sell it? do NOT do this. As a buyer of a property that has just had its retrospective warranty issued we have found that almost none of the bulge bracket high street banks (Barclays, Natwest, Halifax) are willing to consider a retrospective warranty which has left us with uncompetitive quotes from much smaller building societies. Even our mortgage broker was hugely surprised to find this out. Do your research to be on the safe side... Link to comment Share on other sites More sharing options...
Mr Punter Posted April 19, 2021 Share Posted April 19, 2021 13 hours ago, Sicher said: do NOT do this. As a buyer of a property that has just had its retrospective warranty issued we have found that almost none of the bulge bracket high street banks (Barclays, Natwest, Halifax) are willing to consider a retrospective warranty which has left us with uncompetitive quotes from much smaller building societies. Even our mortgage broker was hugely surprised to find this out. Do your research to be on the safe side... CML have a document that details what is acceptable to which lenders. It is worth checking this if you are about to choose a niche warranty product or professional consultants certificate. Link to comment Share on other sites More sharing options...
Sicher Posted April 19, 2021 Share Posted April 19, 2021 33 minutes ago, Mr Punter said: CML have a document that details what is acceptable to which lenders. It is worth checking this if you are about to choose a niche warranty product or professional consultants certificate. Any chance you could potentially share this? My understanding is that the CML document does NOT distinguish between “retrospective” or “as-built” structural warranties. What this means is that lenders which are on the CML list may accept a structural warranty that was provided upon completion of the build but would refuse a retrospective warranty that say was issued 2 years post-build. I am speaking from direct experience dealing with this exact situation. Our lender (Barclays) is on the CML list as accepting BuildZone 10yr warranty. However upon receipt of the warranty, Barclays has said this was issued 2-years post completion (ie retro) and has rejected our application. We have reached out to a couple other high street lenders who are on the list but categorically refuse to deal with retro. So my question is: does this CML list / document distinguish between the different products? Link to comment Share on other sites More sharing options...
Mr Punter Posted April 19, 2021 Share Posted April 19, 2021 4 hours ago, Sicher said: Any chance you could potentially share this? My understanding is that the CML document does NOT distinguish between “retrospective” or “as-built” structural warranties. What this means is that lenders which are on the CML list may accept a structural warranty that was provided upon completion of the build but would refuse a retrospective warranty that say was issued 2 years post-build. I am speaking from direct experience dealing with this exact situation. Our lender (Barclays) is on the CML list as accepting BuildZone 10yr warranty. However upon receipt of the warranty, Barclays has said this was issued 2-years post completion (ie retro) and has rejected our application. We have reached out to a couple other high street lenders who are on the list but categorically refuse to deal with retro. So my question is: does this CML list / document distinguish between the different products? The warranties for my customers run from approx the date of exchange, which can be a year or so after practical completion. This is not a retrospective policy. They have done all the inspections and signoffs during the build. I can see that lenders would be concerned if there was no monitoring during the build and all you had done was to pay for a policy. The CML handbook is https://lendershandbook.ukfinance.org.uk/lenders-handbook/ Link to comment Share on other sites More sharing options...
Sicher Posted April 19, 2021 Share Posted April 19, 2021 5 hours ago, Mr Punter said: The warranties for my customers run from approx the date of exchange, which can be a year or so after practical completion. This is not a retrospective policy. They have done all the inspections and signoffs during the build. I can see that lenders would be concerned if there was no monitoring during the build and all you had done was to pay for a policy. The CML handbook is https://lendershandbook.ukfinance.org.uk/lenders-handbook/ This makes sense - yes, and I wouldn’t class that at as a retrospective policy. I think the definition of retrospective refers to exactly what you mention at the end - not being involved and then just paying for a warranty. I would strongly advise against doing the latter as it seems to be almost impossible to get financing for (at least through the traditional lender route). So as a seller you may become restricted. Thanks! 1 Link to comment Share on other sites More sharing options...
Bonner Posted May 18, 2021 Share Posted May 18, 2021 Just rang Protek, they are still unable to offer any policies. They are looking for an alternative underwriter and recommend trying again towards the end of the month ... Link to comment Share on other sites More sharing options...
Jac Posted August 27, 2021 Share Posted August 27, 2021 Anyone been able to purchase a 10 year structural warranty this month, August? I’m finding companies are not returning calls or not in a position to offer a structural warranty as their “books are closed”. ( Protek is one of those ) I’m just about ready to start the foundations, so I’m getting a bit anxious. Thank you. Link to comment Share on other sites More sharing options...
Wumpus Posted August 27, 2021 Share Posted August 27, 2021 2 hours ago, Jac said: Anyone been able to purchase a 10 year structural warranty this month, August? I’m finding companies are not returning calls or not in a position to offer a structural warranty as their “books are closed”. ( Protek is one of those ) I’m just about ready to start the foundations, so I’m getting a bit anxious. Thank you. Yes, I took out a 10 year with Selfbuild zone. Protek said wait until September when they might have new insurers. Link to comment Share on other sites More sharing options...
Jac Posted August 27, 2021 Share Posted August 27, 2021 Thank you, Wumpus. You’ve given me some hope! I’ll be on to them. 1 Link to comment Share on other sites More sharing options...
Dutch Posted August 27, 2021 Share Posted August 27, 2021 Self Build Zone I found was cheaper, for me it shaved 2k off https://www.selfbuildzone.com/structural-warranty Link to comment Share on other sites More sharing options...
Jac Posted August 27, 2021 Share Posted August 27, 2021 40 minutes ago, Dutch said: Self Build Zone I found was cheaper, for me it shaved 2k off https://www.selfbuildzone.com/structural-warranty Thank you, Dutch. Link to comment Share on other sites More sharing options...
Buzz Posted August 27, 2021 Share Posted August 27, 2021 Hi @Jac depending on what you want and your lender requires you don't have to buy a 10 year warranty their are other warranty's available that satisfy lenders requirements but you would need to check with your lender what they expect. and be comfortable they are do not the same as a traditional 10 year one. Link to comment Share on other sites More sharing options...
Dave Jones Posted August 28, 2021 Share Posted August 28, 2021 CRL , ICW both offer. both expensive. Link to comment Share on other sites More sharing options...
Jac Posted September 3, 2021 Share Posted September 3, 2021 Thanks everyone! Link to comment Share on other sites More sharing options...
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