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Cover Your Sale with a Completed Housing Warranty

Selling any property can be risky but if you intend to sell a property that has been built in the last 10 years that doesn’t have a structural warranty it could be impossible for a buyer to obtain a mortgage. Lenders will not agree to provide funds without a retrospective warranty that covers the property or excludes the buyer from liability for existing structural issues. Completed housing warranties are available but finding the most appropriate one for your property can be a daunting task especially if you have no experience of these particular warranty products.

If you built a block of 15 flats four years ago and now intend to sell, a Structural Warranty will be required by mortgage lenders who are providing finance to each new purchaser. Alternatively if you decide to refinance your existing loan with another mortgage provider, then it is very likely that lender will require a Structural Warranty.

Key features of a Completed Housing Warranty

A completed housing warranty, sometimes known as a retrospective building warranty, is specifically designed to be efficient and flexible to enable vendors to complete sales with the least difficulty possible and is dependent on a structural survey being performed. Retrospective building warranties rely on a full structural survey prior to the inception of the policy in order to identify any existing issues so that they can either be rectified or excluded from the policy. The key features of a completed housing warranty are as follows:

• Cover available for the balance of 10-Years from the date of Building Regulations Sign Off
• Fast turnaround from survey to the inception of cover (Approx. 14 working days)
• Policy covers the cost of complete or part rebuilding in the event of a defect or structural failure
• Policy includes professional fees (Architects/Engineers)
• Recognised by Mortgage/Finance lenders 

What is Involved in Obtaining Completed Housing Warranties

The Team at strive to remove the stress from finding the most appropriate building warranties and insurance products, and completed housing warranties are a product we have a great deal of experience with. The process of obtaining retrospective building warranties can be broken down into six steps:

1. Request Completed Housing quotes 
2. Comparable market quotations provided
3. Payment of survey fees and deposit premium
4. Survey undertaken once full plan/specification check by surveyor
5. Existing defects noted and either rectified or excluded from cover
6. Policy certificate issued

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