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New build without building regs
Comments
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Oscartwiglet wrote: »why would we need an indemnity if there is a completion certificate?
The completion cert is for building regs. I assume the indemnity for the lack of warranty.Everything that is supposed to be in heaven is already here on earth.
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Doozergirl wrote: »The completion cert is for building regs. I assume the indemnity for the lack of warranty.
Yes - sorry I should have made that clearer! From what I recall from the friends who had this situation, the policy covered them for the number of years outstanding on what SHOULD have been a 10 year NHBC warranty, they got the place thoroughly checked before it expired and had any necessary repairs paid for by the insurer.0 -
I am a bit confused why this hasn't been explained to me by the solicitor!! She just said there's no warranty but you would expect there to be one. No info about the implications of this.
Hopefully tomorrow I'll learn some more.0 -
We were in the process of buying a property late 2013/ early 2014 and we found out after 4 months and a lot of money that the conversion we were buying had no building regs or warranty, it was only 18 months old. The owner had purchased it in cash from the builder. The mortgage company had put that they needed the warranty and building regs as a condition of lending. Our solicitor said there was the possibility of the lender accepting an indemnity policy, but they were down valuing the property again because of there being no warranty or regs. Within a few hours they then decided they were withdrawing their mortgage offer and were not wiling to lend at all. I hope everything works out ok, I remember how stressful it was at the time!0
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