Part-Complete and Completed Developments
Part-Complete and Completed Developments – Can you Warrant the risk?
We recognise that the current market is ripe for consolidation and have been approached by a number of developers seeking insurance and finance advice regarding the acquisition of part completed & near completed sites.
If you find yourself in a similar situation, we would recommend you scrutinise whether the site acquired has a warranty in place and if it’s possible to have the warranty transferred to you.
If not, it is pertinent that you secure a retrospective warranty (completed home warranty) immediately. A retrospective warranty is designed to cover completed properties which do not already have the benefit of a structural warranty and require this for finance purposes or simply peace of mind.
Typically, developers that are acquiring part-complete or completed sites will at some stage, requiring a finance facility (either at inception or exit) and the provider of that facility will want to know the situation around there being a warranty in place. If there isn’t, you won’t be able to draw down funds – So having a solution around a warranty is key.
A completed or part completed property is viewed as a greater risk from the underwriters perspective. The insurer has not had the opportunity to inspect and oversee key phases of the build. As a build progresses over time, the risk for the insurer increases, so as a result so does the premium cost of the warranty. Instances where developers don’t secure a warranty until after the build is structurally complete, can see the premiums increase by as much as 100% from the original cost.
Why choose a Retrospective Building Warranty by BuildSafe?
Part-complete and completed projects present a greater challenge to place in the insurance market. Knowing the who to go to and how to present the risk is key in being able to secure terms in a timely and cost efficient manner – That, is what BuildSafe does for its developers. Other benefits include:
- All warranties are fully compliant with the Council of Mortgage Lenders
- Accepted by all High-street lenders
- Without a warranty you will not be able to sell a house, where the purchaser intends to raise a mortgage
- First-party, 10-year insurance against major structural damage
- Cover available immediately after a satisfactory building survey
Why Choose BuildSafe for your Retrospective Building Warranty?
Our experts have over 40 years’ of experience in the property sector so you can be assured that we will handle your retrospective building warranty with good care.
We manage the entire process, enabling you to focus on the day to day running of your project. Obtaining a retrospective building warranty can be an arduous process with seemingly endless form filling requests, additional questions from insurers and time spent chasing an actual quote. We take away that pain by managing the process for you and ensuring you receive the best price for the most appropriate cover to meet your requirements whilst having an easy to reach team of experts on hand at hand at all times.
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