Conversion Warranties – Old Risks That Need The Right Insurance Cover
We are seeing a significant upturn in enquiries from developers who are looking at new conversion projects. As we adapt to new considerations, from working from home to the changing face of the high street, property developers are turning their attention to innovative conversion projects that can meet the ever-present housing shortage.
Structural warranties for conversions and refurbishments are essential to protect against inherent defects that may occur within the structure of a newly converted project. Many insurers approach conversion projects with a degree of trepidation, in some cases not offering cover at all, so it’s vitally important when undertaking a conversion project that you know who will offer cover from a warranty perspective and what the anticipated costs will be.
Major structural defects can often be costly to fix, which is why it’s important to have the right cover in place to protect you as the developer and the beneficiary of the property. In addition, if a development is undergoing a change of use to become a residential dwelling, a building warranty is required to satisfy the lending markets. Banks and building societies will often not provide mortgages until they have approved the structural warranty partner – so knowing which warranty provider is accepted is absolutely key.
At BuildSafe, our team of warranty experts save developers’ time in procuring, analysing, comparing and negotiating warranty terms. We have saved clients as much as 30% on comparable terms they secured directly.
Importantly, we manage the warranty process throughout the build, handle the inspection arrangements where necessary and take care of the all-important final certificates. This is all in addition to our aftercare service that’s delivered for the duration of the policy.
Benefits of a Conversion Warranty
- First-party, 10-year insurance against major structural damage
- Recognised by the Council of Mortgage Lenders
- Accepted by High Street Banks
- Enables sale of units: Without a warranty, you will not be able to sell a house, where the purchaser intends to raise a mortgage
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