NHBC - how necessary is it?

TDanger

So the architect's certificate, completion certificate and indemnity insurance will be enough? How do I cover our backs if there were problems with the property in the first couple of years? Would the lack of conventional structural warranty damage our chances of selling in the future?

Doozergirl

You need a solicitor to advise you on this. Get the offer accepted if you like but the first question you must ask surrounds this warranty. Architects certificate, okay but indemnity policy? Indemnifying you against what exactly?

You need another guarantee from the builder that they will rectify any snags for at least two years.


Please do not take the EAs word for this; they are not qualified to advise on this. Before you carry out searches or pay for a valuation, you need a solicitor to clarify the warranty situation.

withabix

TDanger wrote: »

So the architect's certificate, completion certificate and indemnity insurance will be enough? How do I cover our backs if there were problems with the property in the first couple of years? Would the lack of conventional structural warranty damage our chances of selling in the future?

If you want this house, you are going to have to appoint a Solicitor to do some work for you now - ie checking out the indemnity policy (which probably IS an insurance policy of the sort I have described,if it has been accepted by the lender).

Either your builder or yourself will have to pay for the warranty insurance, if none is in place.

Otherwise you will just have to walk away and find another property.

TDanger

Update: Took some advice last night from a friend of a friend in the industry. Made an offer of £225k conditional on satisfactory results of survey, rectification of any issues arising from snag inspection, and the provision of documents required by our lender.

Vendor accepted and I went straight down to NatWest. Got an appointment within the hour and went through the situation with our adviser. He said what we could provide: architect certificate and completion cert. was standard and we would be fine. He also contacted the mortgage centre to confirm this (on speaker phone as he wanted me to be reassured!)

Have to say I have been very impressed with NatWest so far.

Next step then is to appoint a solicitor and sort out the mortgage application next week.

Thanks to everyone for their help and advice. Here's hoping things go well from here.