Structural warranty

9308annmarie

I am(was) in the process of getting a mortgage for a property with hsbc, everything was going well then I said that the seller/builder had finished the property in 2007 but only had council completion certificate july 2011. The mortgage advisor then asked about structural warranties, there are no on the house so now hsbc won't loan the money for that particular house. I want house but am looking at product fees and higher mortgage costs if I can find another mortgage broker, and then what if I want to sell in another five years. How much is a structural warranty and which mortgage companies take council building regulation complied certificate (sorry about length) help?

kingstreet

A completion certificate is required for each and every newbuild. In addition to that, a property is normally provided with a NHBC or Architect's Certificate.

This provides the purchaser with a warranty that any defects found in the construction will be put right for a period of ten years.

If your vendor cannot produce such a warranty, I would suggest you look for another property as you will be unable to sell it into the usual open market until it reaches at least ten years old.

9308annmarie

I do like the house, but who knows what the future may bring? I was actually thinking of going halves with the current owner on a structural warranty but I'm not sure how much that would be. Thanks for your advice my husband and I have so to make.