Retrospective building warranty, also known as a completed home warranty, is for those buying or selling a house that has been built, converted or had a major refurbishment in the last 10 years. A retrospective building warranty is for those who are not already benefitting from a Structural Home Warranty. It comes with 10 years’ cover against damage caused by any defects in the design, construction work, materials, and components of the structure or the waterproof envelope..
We recognise that the current market is ripe for consolidation and have been approached by a number of property professionals seeking insurance and finance advice regarding the acquisition of part-completed and near-completed sites. If you find yourself in a similar situation, we would recommend you verify 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 imperative that you secure a new warranty, or depending on the stage of works, a retrospective warranty (completed home warranty) immediately. A retrospective policy is designed to cover completed units which have not benefitted from being inspected from a structural warranty perspective.
It is a requirement for all lenders and mortgage companies, so it is the key component that allows for the sale of units, asset re-finance and for peace of mind. Typically, developers that are acquiring part-complete or completed sites will at some stage, require a finance facility (either at inception or exit) and the provider of that facility will want to know whether there is a warranty in place. If there isn’t, you won’t be able to draw down funds – So making the provisions for and knowing the costs are a key.
A completed or part-completed property is viewed as a greater risk from the underwriters perspective, as the insurer has not had the opportunity to inspect and oversee key phases of the build. The increase of perceived risk for the insurer directly links to the premium cost of the warranty.
Anyone buying or selling a house that has been built, converted or had a major refurbishment in the last 10 years, a completed home warranty or retrospective building warranty is used to enable both parties in a sale to be flexible and provides comprehensive coverage.
Our retrospective building warranty covers any new build, conversion or major refurbishment of a residential home including (but not limited to) houses, flats, bungalows, barn conversions built in the last 10 years.
Our service manages 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 lots of form filling, additional questions from insurers and time spent chasing an actual quote.
At BuildSafe once you’ve completed the online enquiry form we start to collate all of the best quotes we can to enable you to put up your feet and compare the different price points and options available to find the best choice for you and your building.
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 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 Retrospective Building Warranty requirements whilst having an easy to reach team of experts on hand at all times.
Build Safe is a trading name of London Belgravia Brokers Ltd, Registration Number: 9069586 . Trading address is St Magnus House, 3 Lower Thames St., London EC3R 6HD. London Belgravia Brokers Ltd is an appointed representative of Ten Insurance Services Ltd, which is authorised and regulated by the Financial Conduct Authority.
St Magnus House,3 Lower Thames St.London EC3R 6HDUK
020 3701 0422
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