Selling a recently converted flat without a building gaurantee.

lr2312

I moved into a flat in a small block of 5 flats in March 2017; these flats were originally offices up until they were converted by a developer in 2016. In September 2019 I had confirmation that the company that underwrote the 10 year building warranty (latent defect insurance) went bust and that the administrators were unable to find a new provider to take over the policy. I am now selling the flat but am really concerned that the lack of a building guarantee will mean mortgage lenders will not support potential buyers of my property - I'd be limited to cash only buyers. Is this likely to be the case? If so, what options do I have to ensure those needing a mortgage can get one on my property despite the cancellation of the policy?

The property has been standing for decades prior to the conversion, a policy was initially in place for the first 2 and a bit years following the conversion, and I have lived in the building for over 3 years now as the first occupant of one of the flats post-conversion without issue.

greatcrested

CRL?

See

https://forums.moneysavingexpert.com/discussion/6066925/trying-to-buy-home-new-build-warranty-provider-declared-bankrupt