CRL warranty not accepted

djm2019

We are also in the same position, having purchased a house from a developed in October 2017, we now need to sell our home and so need to get replacement latent defect insurance to replace the defunct Alpha/CRL policy that came with our property.
Does anyone have any recommendations of a broker/provider that has experience in arranging replacement warranty/insurance for a home owner (rather than a developer!?)

Warrantyexperts

There are a few people that I know can assist....If you would like some details then message me.

Warrantyexperts

I do know a number of people that can assist and will happily provide some options if you still need assistance. Message me directly for details.

saira172

Thank you - I'll send you a message.

I can't believe this scandal is being hushed up so well.

Of all the miss-selling of policies there have ever been, this has to be up there at the top.

I think we'll need to group together to gain awareness - some people don't even realise they've been affected yet.

New update says if they don't secure anyone by March 29th they will refund a proportion of the premiums paid but as no one wants to take on private homeowners rather than developers or as a whole development - we're stuffed!

I can't add links but all info on the FSCS page. Or google FSCS & Alpha

SallyDucati

I hope you get something sorted.

Alpha went into administration 2 days after I agreed the deal on my new house, luckily I found out about it and refused to exchange until a new policy was in place. I've surprised a few people who bought before me with the Alpha situation - I think they should have written to all the addresses as there must be a lot of people unaware who bought in the 10 years prior to Alphas failure.

slp2908

May I ask where you got this information from? I'm in the same boat but after speaking with a few mortgage lenders they have said they do not require the warranty to remortgage or to sell - this is because they no longer class my house as a new build (it is older than 2 years) However Halifax have said once its been occupied they no longer class it as a new build. I am just wondering if this could get caught up anywhere else during the process, EG - Solicitors or am I able to obtain buildings insurance without the warranty.

Warrantyexperts

I would be very surprised if a mortgage lender didn't request a warranty during the first 10 years of a buildings life. My experience is that they will almost always require one whether the building has been completed for 2, 3, 4 or even 9 years. The warranty issue normally rears it's head at the last stages when solicitors are involved and trying to put all the pieces of the jigsaw together so it may be you are early in the process. If you have a lender who does not require a warranty after 2 years then this would be a first for me!


Of course, all lenders will assess situations and will make their own decisions but I would treat any advice that you have saying it is not needed after 2 years with extreme caution. If it helps you can always check out the Lenders Handbook which is available online from UK Finance (previously Council of Mortgage Lenders) where you can see each lenders guidelines (see clause 6.7.1 of part 2 of the handbook for each lender).


Hope that helps...

saira172

It's at the searching stage with the solicitors - so by the time prospective buyers have already committed a fair amount financially. It means everyone loses.

slp2908 wrote: »

May I ask where you got this information from? I'm in the same boat but after speaking with a few mortgage lenders they have said they do not require the warranty to remortgage or to sell - this is because they no longer class my house as a new build (it is older than 2 years) However Halifax have said once its been occupied they no longer class it as a new build. I am just wondering if this could get caught up anywhere else during the process, EG - Solicitors or am I able to obtain buildings insurance without the warranty.

anniepanteli

If anyone has had any luck getting quotes from an independent broker for the replacement of the policies direct to a homeowner please can you share the company details, I too need to replace the policy to enable me to sell. Thank you.

JillCD

Hi, I spoke to a company called Building and Land Guarantees an insurance broker yesterday, they can sell retrospective policies to replace a CRL/ Alpha policy. They were recommended to me by NHBC who don't sell retrospective policies. The chap I spoke to, Paul Rose, was very helpful and informative and they have been dealing with many people with the failed CRL/ Alpha 10 year policies. It's not cheap though, he said roughly £6,500 for my house. Their tel no is 0116 2811064. Good luck.