New Home Warranty Cover: Case Study
Buildsafe advised and helped procure a New Home warranty for the conversion of 9 agricultural barns to habitable dwellings. This insurance is provided in order to allow developers to sell or refinance the project upon completion & covers structural defects that arise from new works carried out to convert a property, as well as complete failure. Discover how you could obtain a comprehensive quote today for barn conversion projects with BuildSafe.
Northern Business Management LLP undertook the build & looked after all design and constructional features of the development on behalf of Platinum Homes Limited.
Barn Conversion Project Challenges:
Many barn conversions are often faced with the same problem– Finding an insurer prepared to offer latent defect cover. The insurance market does not look favourably on these types of conversions, especially when they are grade 2 listed. Developers can spend significant time and money scouring the market and still not find an appropriate solution. Typically, if developers can find a provider open to covering the site, they will request a bond and/or escrow to be put in place, which ties up their capital.
Our clients that have barn conversion schemes, benefit from our experience – We know who to approach, with what information. We understand the risk from both sides and the importance, wherever possible, of removing the need for a bond or escrow.
The Buildsafe team are on hand throughout to help out clients with any queries or issues that may arise as well as delivering the final certificates upon completion.
With this particular client, there were issues that arose with the client’s financer, who raised a last minute requirement and wanted confirmation that the tanking system was approved by the warranty provider. Failure to meet this deadline would have delayed the funding by 4 weeks.
How did BuildSafe resolve this issue?
We were able to obtain the evidence required and provide a full, detailed and satisfactory response within 24 hours. Allowing the client to receive his funds and proceed as planned, without extra hassle.
By resolving this issue, as well as obtaining a suitable New Home Warranty, our client was able to successfully complete their development project with the suitable coverage they needed.
At Buildsafe, we’re experts in providing suitable and tailored tailored building warranty solutions for our clients for all of our clients, even those with challenging barn conversion projects. Contact Buildsafe today for more information about obtaining suitable warranties and insurance for your new build or barn conversion project.
Buildsafe have a wealth of experience in the UK property sector having worked with some major developers and global investors . We have covered over 10,000 properties, having build cost insurance over £3.2bn. For more information, please call us on 020 3701 0422 or fill in our contact form.