Structural Warranty for finance and possible resell?

[flanagaj]

I am at the stage of applying for self-build finance.  Land is bought and paid for, but need to finance the build.  I am mainly planning on using contractors on an ad hoc labour only basis and intend on doing as many aspects myself, eg footings, drainage, 1st/2nd fix carpentry, plumbing ...  

As a result, I am not sure what insurance is the best option.  We will need insurance to get financing, but it's the associated insurance if for whatever reason we need to sell.  Obviously, as I am planning on doing some of the works myself, how will that work as unlike a trader, I cannot reclaim from them in the event of an issue.

 

 

[nod]

If it’s your main residence You can reclaim the vat 

You will not be exempt from the Cil if you sell within the first three year 

 

You will need a basic build insurance

To cover public liability 

 

Choose the cheapest structural warranty As they are much of a muchness and rarely pay out 

 

The first time round we used Protec as we new we would sell at some stage 

This time we’ve used a professional cert Which mealy all lenders accept 

With the exception of HSBC 

[WisteriaMews]

We purchased a self build warranty (I don't have any experience with professional certificates), so that we could re-mortgage and sell without hassle. 

 

There was a page on the UK Finance website (I suspect it is still there) which shows you which warranty is accepted by which mortgage providers so you can check you are buying one with good coverage.

 

A bit like building control, they send out an inspector at various stages of the build to make sure you are doing everything correctly. 

[nod]

40 minutes ago, WisteriaMews said:

We purchased a self build warranty (I don't have any experience with professional certificates), so that we could re-mortgage and sell without hassle. 

 

There was a page on the UK Finance website (I suspect it is still there) which shows you which warranty is accepted by which mortgage providers so you can check you are buying one with good coverage.

 

A bit like building control, they send out an inspector at various stages of the build to make sure you are doing everything correctly. 

Ours didn’t even walk around the property on the final inspection 

Stayed in the car to look at the footings Inspected the roof from the ground 

Three visits Less than 30 minutes in total 

[flanagaj]

1 hour ago, nod said:

Choose the cheapest structural warranty As they are much of a muchness and rarely pay out 

 

The first time round we used Protec as we new we would sell at some stage 

Will this suffice given I want to do a lot of the works myself?  For example, I was just reading the LABC technical document and they state that metal roofs have to be installed by a registered installer.  I've purposely designed the roof with no hips or valleys so I can attend the Catnic course and install it myself.  

 

So based on LABC tech spec, I'd most likely be voiding the warranty and would not be able to do said works.

 

It looks like a small print headache finding a policy for a real self build that doesn't require you to subcontract out most of it to the 'experts'

[Redbeard]

Do the training and become a registered installer. You don't actually have to work as one, just be on the list. I found myself a registered installer for a couple of companies mainly by dint of buying their stuff. Fills you with confidence, doesn't it?!

[flanagaj]

1 minute ago, Redbeard said:

Fills you with confidence, doesn't it?!

Exactly.

[nod]

8 hours ago, flanagaj said:

Will this suffice given I want to do a lot of the works myself?  For example, I was just reading the LABC technical document and they state that metal roofs have to be installed by a registered installer.  I've purposely designed the roof with no hips or valleys so I can attend the Catnic course and install it myself.  

 

So based on LABC tech spec, I'd most likely be voiding the warranty and would not be able to do said works.

 

It looks like a small print headache finding a policy for a real self build that doesn't require you to subcontract out most of it to the 'experts'

It doesn’t void anything 

Ive done most things myself on both builds As with building control Wether it’s Joe or Bloggs that does the work It just has to conform 

[flanagaj]

1 hour ago, nod said:

It doesn’t void anything 

Ive done most things myself on both builds As with building control Wether it’s Joe or Bloggs that does the work It just has to conform 

It was more to do with if you ever did need to claim.  Would they simply say "Oh, I see it passed LABC, but who was this guy Justin who did the footings?  Oh, he's a Software Engineer who is very practical.   In that case we are not paying out.  You needed to use an 'expert'"  Sorry for my cynicism, but I have used a great many trades people in my past, and I can count only 2 out of a dozen who I actually thought were any good.  Some of the work was very questionable. 

[Alan Ambrose]

There is a school of thought here on ‘t ‘ub that structural insurance policies will never pay out and will want to sue everyone in sight with PI for their contribution. I don’t think we have enough data to tell whether this is true, but if you look at the ‘insurance’ as just giving your prospective buyers’ mortgage company (between years 3 and 10 years out) a warm feeling, then you’ll probably be fine.

Edited yesterday at 09:39 by Alan Ambrose