CRL warranty not accepted

Midge2020

BBJJPP said:

Hello, 
I’m trying to buy a new build, the warranty was CRL. However CGICE has taken CRL over, but every bank I go to won’t accept CGICE. Has anyone else had this issue? Or know how to overcome this issue? Or know of lenders to CGICE?

I bet the developer doesn’t want to change the warranty! It’s a total headache for him and might actually not be possible. There were so many skeletons in CRL’s cupboards...site visits that weren’t undertaken or properly documented to name a few. He’d have to get a heap of paperwork together and make his approach to a few insurers and pay an additional premium to boot.....this was a headache that he was hoping to slip under the table to you my friend. Sorry.  Walk away if you can. CRL were not the only player to go bust. But they were at least UK registered and under the FSCS....so whilst some of us were compensated (a small amount) for lost premium, you might not be as fortunate with an overseas insurer or underwriter. Lenders in the UK are on alert now to these liquidations and becoming ever more choosy on warranty providers.

threedaystar

Midge2020 said:

BBJJPP said:

Hello, 
I’m trying to buy a new build, the warranty was CRL. However CGICE has taken CRL over, but every bank I go to won’t accept CGICE. Has anyone else had this issue? Or know how to overcome this issue? Or know of lenders to CGICE?

I bet the developer doesn’t want to change the warranty! It’s a total headache for him and might actually not be possible. There were so many skeletons in CRL’s cupboards...site visits that weren’t undertaken or properly documented to name a few. He’d have to get a heap of paperwork together and make his approach to a few insurers and pay an additional premium to boot.....this was a headache that he was hoping to slip under the table to you my friend. Sorry.  Walk away if you can. CRL were not the only player to go bust. But they were at least UK registered and under the FSCS....so whilst some of us were compensated (a small amount) for lost premium, you might not be as fortunate with an overseas insurer or underwriter. Lenders in the UK are on alert now to these liquidations and becoming ever more choosy on warranty providers.

This x1000. spot on.  Time to walk away.

BBJJPP

Midge2020 said:

BBJJPP said:

Hello, 
I’m trying to buy a new build, the warranty was CRL. However CGICE has taken CRL over, but every bank I go to won’t accept CGICE. Has anyone else had this issue? Or know how to overcome this issue? Or know of lenders to CGICE?

I bet the developer doesn’t want to change the warranty! It’s a total headache for him and might actually not be possible. There were so many skeletons in CRL’s cupboards...site visits that weren’t undertaken or properly documented to name a few. He’d have to get a heap of paperwork together and make his approach to a few insurers and pay an additional premium to boot.....this was a headache that he was hoping to slip under the table to you my friend. Sorry.  Walk away if you can. CRL were not the only player to go bust. But they were at least UK registered and under the FSCS....so whilst some of us were compensated (a small amount) for lost premium, you might not be as fortunate with an overseas insurer or underwriter. Lenders in the UK are on alert now to these liquidations and becoming ever more choosy on warranty providers.

Thank you. I would rather know now before I’m stuck in the CRL war! Thank you 

wheelercar

Hello, 
Can anyone recommend an insurer provider or broker who they think might be willing to provide a remaining four years new building warranty?  
I have tried a few different insurers but they have rejected my application because it is not for the standard 10 years. 

Background:
I bought a flat from a developer who unfortunately went with Alpha to provide the 10 year building warranty. I am now looking to sell the flat but can’t as people can’t get a mortgage. I was not contacted about Alpha and only found out when a sale went through. It has been a nasty surprise to say the least.

soleil21

Hello

Really hoping for some help and advice.

Three days prior to completion, I was advised by my conveyancer that my buyer's solicitor had raised an issue with my structural warranty. The warranty was provided by Guarantee Protection Insurance and is actually still valid but because it was brokered by CRl, it was eventually rejected by the lender... despite having only 1 year and 9 months remaining. We had also obtained title indemnity insurance to cover the valid warranty should an issue arise but this still did not satisfy the lender.

So many issues have resulted as a consequence of this and I couldn't even begin to count how much money my partner and I have lost. It is several thousand pounds already and is only set to increase. 


I am particularly dismayed because I remortgaged my home in Autumn 2018, several months after CRL had become blacklisted. The conveyancer was appointed by my new lender and I have learned that they failed to ever seek out the warranty. They informed me that they were not required to do so by the lender. The lender has since claimed that this was not the case, and that it should in fact have been sought. In short, I am being passed from pillar to post and have now launched a formal complaint but this will take several months. None of this really helps me at the moment. 

Has anyone experienced anything similar or do you have any advice? It seems like serious negligence which has essentially amounted to financial entrapment. I am tied to my lender and cannot sell the property because none of this was checked. 

Thanks

Midge2020

Just try and get a new warranty pronto....try ICW. Do the chasing and witch hunt afterwards and try and salvage the sale first.

MattBarrett

Has anyone had experience of selling in a block of more than 12 flats with a defunct CRL policy, if so, how did you do it please?