Hi guys,

 

I am buying a section 106 Holiday Let property and as such I have had to hunt for a reasonable specialist mortgage lender. 
 

I found one with a great deal and was glad it was sorted but there is a hurdle…..

 

The house was built by 2018 but the completion certificate is dated February 2020. The owner did not get a builders warranty when building it. There is a two year period after completion date that the builder gas to take up the liability before a retrospective builders warranty can be issued. 
 

my mortgage company will not proceed without a warranty and the people on their list of approved warranty providers will not give one for another 6 months.

 

i have found another provider who says I would have to take the liability on myself for 6 months, but I doubt the mortgage company would do that and anyway they wont accept that provider.

 

Can ANYONE help or advise me? Is there some sort of short term structural insurance I can take out myself to plug this gap in time? 
 

how on earth can I overcome this ?? :-/

 

thank you everyone.

Will they accept a professional consultants certificate?  Some of these can be issued retrospectively.

Most houses don't have warranties, and many new houses do that don't deserve them.

I don't know what the logic is on mortgages. Is it that an old house is proven but a new one is not?

Mr Punter's idea is good but the consultant will not issue a warranty, and will have lots of conditions, eg have not seen the foundations.

 

For perspective I saw 3 incomplete houses by a major developer pulled down, and started again, because the foundations were not deep enough (and they had not troubled the building inspector to visit). Their logic was that underpinning would have to be declared, and that would be a bad show on a new house/ mortgagers might back away.

ie A building is a risk. I would sort this out entirely before completing the purchase, or get a big discount. Or find another way of borrowing...the land has value.... a bank loan may be available.

They said they would accept a PCC Professional Consultants Certificate.

 

However I can’t get one of the companies on their list to give me one of them either. In fact they didn’t specify at first that it had to be by anyone in particular so I got a company to give one but the mortgage company said ummm no it has to be from someone on our list! Frustrating!! 
 

The house has a civil engineer report of a core sample done of the footings, and investigation of the steel of the house at end of build and everything is ok….. this won’t be considered by the mortgage company! It has passed building regulations and i am struggling! If it was 11 years old it would not be an issue. Where is the sense in that?????   ?

It seams to be something that Solicitors are asking for 

I know two separate people that have been asked for warranty’s  for houses over thirty years old Both have had to take indemnities 
Ive bought loads of houses over the years 

and hadn’t heard of this till recently