If you're buying or selling a house that has been built, converted, or refurbished within the last 10 years, you may benefit from a retrospective building warranty, also known as a completed home warranty. This type of warranty covers any damage caused by defects in the design, construction work, materials, or components of the structure or the waterproof envelope. It is particularly useful for those who are not already covered by a Structural Home Warranty.
In the current market, many property professionals are seeking insurance and finance advice for the acquisition of part-completed and near-completed sites. If you find yourself in a similar situation, it's important to verify whether the site has a warranty in place and if it's possible to transfer the warranty to you. If not, it's crucial to secure a new warranty, or a retrospective warranty if the units have already been completed.
Having a warranty is a requirement for all lenders and mortgage companies, making it a key component for the sale of units and asset re-finance. Typically, developers who are acquiring part-complete or completed sites will require a finance facility at some stage, and the provider of that facility will want to know if there is a warranty in place. Without a warranty, funds cannot be drawn down, so it's important to make provisions and know the costs.
A completed or part-completed property is seen as a greater risk by underwriters because the insurer hasn't had the opportunity to inspect and oversee key phases of the build. This increased perceived risk directly links to the premium cost of the warranty.
Latent Defect’s retrospective building warranties cover any new build, conversion, or major refurbishment of a residential home, including but not limited to houses, flats, bungalows, and barn conversions built in the last decade. Our all-in-one service manages the entire process, allowing you to focus on the day-to-day running of your project. Our retrospective building warranty is recognized by the Council of Mortgage Lenders and accepted by High-street lenders.
To obtain a retrospective building warranty at the best price, you can complete our online enquiry form, and we will provide you with a variety of quotes to compare building warranties available for completed houses. You can then select which policy you would like to proceed with, pay survey fees, and have site visits carried out to assess the structure. After a successful completion of the site visit, you pay the insurance premium and tax, and we organize for certificates to be issued.
With decades of experience in the property sector, our experts will handle your retrospective building warranty with good care. We manage the process for you and ensure you receive the best price for the most appropriate cover to meet your retrospective building warranty requirements while having an easy-to-reach team of experts on hand at all times.
