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Trying to buy home new build warranty provider declared bankrupt
JMolly75
Posts: 2 Newbie
We are in the process of purchasing a property with the completion date in sight. We have just been advised that the new build warranty provider, CRL, has gone bankrupt and the warranty is nul and void. The property is 4 years old. It's a leasehold property in a block of 9 flats and the management agency is working on a new warranty which will incur costs to the property owners. We have heard that mortgage lenders are unlikely to lend if there is no warranty in place. It may take some time to get this set up. We are not the first time owners as it has been owned since new. There is an option to get a new build warranty indemnity insurance policy in place in the meantime. Has anyone had experience of this and particularly is the bank going to accept it or will we have to delay our purchase until the new one is in place? Our mortgage provider is Santander.
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Comments
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Well what do Santander say about it? they are the only ones that can really advise.Eat vegetables and fear no creditors, rather than eat duck and hide.0
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If you use the forum search function you'll see that there have been several threads recently on this issue. eg
https://forums.moneysavingexpert.com/discussion/6048829/crl-alpha-insurance-for-flats&highlight=crl0
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