selling without nhbc

frustrated_seller_2

We have recently accepted offer on our house which was self build 3 years and 6 months ago, we did not take out nhbc as in previous property didn't cover anything after 2 years. The buyer and estate agent marketing property knew this from start. The buyer is now having problems as his lender is demanding a form of indemnity insurance we have given every drawing building regulation and completion certificate and also a full structual survey with a professional indemnity insurance which will last for 12 years
our solicitor says she still does not think this would be acceptable ?
so where do we go from here

CloudCuckooLand

Meet the requirement for indemnity insurance. Pay for it. Move on.

Milliewilly

I think you have a real problem here.

I know the Council of Mortgage Lenders dictate that any house built after (I think its 2003) must have a 10 year NHBC or similar for mortgage.

I looked at buying a self build last September that being a self build had no NHBC and the Woolwich said they automatically value properties like this as zero i.e won't lend, most high street lenders follow the CML guidelines on this.

The only option is an indemnity policy which is going to be very difficult and very expensive to obtain. When I looked at one for the aforementioned property it was going to be £13K. This is because you are asking an Architect or similar to put their name to the structure and quality of a building they have had no involvement in so they are understandably reluctant. People mention Zurich policies as an alternative to NHBC but they pulled out of offering them last year.

If you have built it yourself can you not approach your architect?

Good luck.