Warranty dilemma

[nod]

We are still not sure weather to bother with a warranty on this one 

Our first was easy as we new we would sell within 10 years 

While we don’t intend selling this one 

We have a second plot and May move sideways once that is finished 

We’ve had the details back 

and they seem to be on most lenders lists 

One thing that puts me off is

There underwriter is a LTD company 

Perhaps I’ve just not noticed this before 

The company is Markel international insurance LTD 

It’s not the £1500 

 

Or the likelihood of them paying out

on a self build 0

Is that bit of paper going to be valid for the next ten years 

 

Any thought May help us decide 

 

[JohnMo]

Never even thought about getting a warranty, would strongly suspect they aren't worth the paper they are written on.

[nod]

1 hour ago, JohnMo said:

Never even thought about getting a warranty, would strongly suspect they aren't worth the paper they are written on.

There not

But you need one if you sell in the first 

ten years

 No such thing as a forever home 

[Mr Punter]

I have used Build Zone this time.  I just shop around for quotes.  I prefer actual insurance cover rather than relying on a claim on someone's professional indemnity insurance.

[dpmiller]

3 hours ago, nod said:

No such thing as a forever home

 

why not?

[nod]

16 minutes ago, dpmiller said:

 

why not?

Change of job

Divorce

One of you dies 

The list goes on 

 

As we started our first build 

My friend a Site manager built his forever home 

“I will only leave feet first “

It was up for sale before we had completed ours 

You never know what’s around the corner 

 

 

[SuperJohnG]

8 hours ago, nod said:

It’s not the £1500

Thats pennies. Get it done....

 

I'm currently staring £4-7k in the face as I'm well on with the build. 

 

Ay 1500 buy it and do not hesitate. 

[Gone West]

16 hours ago, nod said:

It’s not the £1500

We paid £1300 for our Build Zone Warranty twelve years ago so £1500 doesn't sound bad.

[Ralph]

Our builder was supposed to sort out the warranty as part of the contract, we found out after he went tits up that he was lying. We need the warranty for a mortgage so I'm waiting for a post completion warranty quote from Build Zone as we are just finishing off the build. The other thing I have read on here is you can get some sort of indemnity insurance that mortgage companies will take.

[Bitpipe]

Bought one (£3500) , insurer went bust before completion but underwriter replaced the insurer.

 

New Insurer lopped two years off the policy as we moved in 2016 but did not get completion cert until 2018.

 

When we moved off self build (Ecology) to a High St provider, the surveyor said 'Do you have a warranty?' I replied 'Yes' but he never asked for details. Subsequent re-mortgages have not even asked. I would expect a sale to be more diligent but only 4 more years to go on that front.

 

Tried to make a claim wrt a render issue last year and was turned down  - they have many clauses that they can use - most noticeable is that any issue that 'arises' (their definition) in first two years is not covered.

 

So spend as little as possible.

 

[nod]

3 hours ago, Bitpipe said:

Bought one (£3500) , insurer went bust before completion but underwriter replaced the insurer.

 

New Insurer lopped two years off the policy as we moved in 2016 but did not get completion cert until 2018.

 

When we moved off self build (Ecology) to a High St provider, the surveyor said 'Do you have a warranty?' I replied 'Yes' but he never asked for details. Subsequent re-mortgages have not even asked. I would expect a sale to be more diligent but only 4 more years to go on that front.

 

Tried to make a claim wrt a render issue last year and was turned down  - they have many clauses that they can use - most noticeable is that any issue that 'arises' (their definition) in first two years is not covered.

 

So spend as little as possible.

 

Thank you for that 

That was pretty much what I was getting at Insurer going bust 

 

It really does stick in the throat 

Very unlikely to pay out 

But lenders do seam to want them 

 

As a home buyer I would be happier with an Architects certificate 

Architects are a pain in the arse when overseeing jobs 

They pick at everything 

Unlike the warranty guys 

[Temp]

Do you get consumer protection if you put insurance/warranty on a credit card?

[SuperJohnG]

10 hours ago, Ralph said:

 I'm waiting for a post completion warranty quote from Build Zone as we are just finishing off the build. The other thing I have read on here is you can get some sort of indemnity insurance that mortgage companies will take.

Interested to hear how you get on with the post build pricing. I am very expensive woth two stages that can be viewed. Self build being cheapest at 4400 and next closestnos 7.5k. Compared to 2.3k before starting.  

I've searched for separate indemnity policies but cannot find these despite reports on here of them. 

[SuperJohnG]

3 hours ago, nod said:

As a home buyer I would be happier with an Architects certificate

They are easy to obtain and chealer however will not provide a latent defect cover and will also require to prove negligence to claim on the architects professional indemnity policy which will be costly and very very difficult. If you need a tick box for remortgage maybe OK, but mot if you wanted better cover.

[Bitpipe]

16 hours ago, Temp said:

Do you get consumer protection if you put insurance/warranty on a credit card?

 

Well, you first need to persuade the insurer (or broker) to accept a CC payment - they may refuse due to the associated card processing fees for such an expensive policy.

 

Secondly you may only be covered if the policy never goes 'on risk' i.e. if the entity that you pay (likely the broker) is not able to fulfil their side of the contract.

 

We have had a good experience in getting a card refund in the past when our balustrade firm went bust with a few items still to deliver. Once the card issuer (John Lewis via HSBC) was satisfied that they were not trading and we had an independent report of the outstanding work and cost to address, they were quick enough to pay out.

[Temp]

We had a holiday company go bust on us. They closed on a Friday. On Sunday the travel agent called to say they had done a deal with the credit  the credit card co and could offer us an alternative immediately with nothing to pay or they could process the refund from the card Co. Just had to do a form giving the agent the authority to deal with the credit card Co on our behalf. New holiday sorted on the Monday. Anyone that paid by debit card had a much harder time.