Self funding a new build. Should I have a warrantie?

[Norbert]

Looking to demolish and rebuild. We will have a main contractor doing most of the work, plus a TF company to do their bit. It will be funded from our own resources.

It seems to me that in this situation we do not need a warrantie. Is there any need or advantage in having one?

[joe90]

Well I didnt have one as never intended to sell within 10 years but life got in the way and had to sell and I got a retrospective warranty fir cheaper than a build warranty 🤷‍♂️ but not all mortgage companies accept them.

[nod]

44 minutes ago, joe90 said:

Well I didnt have one as never intended to sell within 10 years but life got in the way and had to sell and I got a retrospective warranty fir cheaper than a build warranty 🤷‍♂️ but not all mortgage companies accept them.

Exactly 

No such thing as a forever home 

Unless your on grand designs 😁

 

My friend was finishing his as we started ours He’d be carried out feet first he kept saying He had sold by the time we finished ours 

[Bozza]

Only tangible benefit for you is for someone who may wish to buy your house within the next 10 yrs. 

 

without a warranty or architects certificate they won’t be able to get a mortgage.  Irrelevant after 10 years.

[joe90]

11 minutes ago, Bozza said:

without a warranty or architects certificate they won’t be able to get a mortgage.

As I said above not all banks will give a mortgage but my buyer did with a retro warranty.

[Nic]

I also think if you are going self build and claim CIL tax relief for a  self build you need to have a valid warranty in place to complete form 7 pt 2 to make sure they don’t come after you for the full payment 

[shuff27]

9 hours ago, Nic said:

I also think if you are going self build and claim CIL tax relief for a  self build you need to have a valid warranty in place to complete form 7 pt 2 to make sure they don’t come after you for the full payment 

You can submit an approved VAT reclaim or proof of a self build mortgage instead - I made sure to check this as I don't have a warranty.

[JohnMo]

On 28/04/2024 at 09:56, Norbert said:

seems to me that in this situation we do not need a warrantie.

I was in the same position and never got a warranty. Really couldn't see the point of paying out a couple of grand, to line someone's pockets for not added benefit for me.

[Conor]

We didn't get a warranty, tho the basement tanking, flat roof and actual roof structure have their own manufacturers warranties. 

 

And we were able to get a mortgage OK with and no warranty or other documentation. Just very few lenders on the market have lax criteria like that. Three in fact.