Property conversion - new homes warranty

gendarmedebedfordshire

Hello

I have read various threads about structural warranties / new home warranties but none that quite meet my facts. I am in the usual position of having a deal about to go through (I am a buyer) and being told at the 11th hour about these matters and left holding the baby and now scrambling to find a solution. I have a real good working relationship with the seller so we've agreed to team up and find a solution together.

The property, an old XVII century build, was redeveloped in 2013-18 and converted to residential. Our seller who redeveloped the property did not procure a structural warranty at the time the works were signed off and has nobody who can issue a PCC now. So we are now facing an issue with our solicitors who are adamant that a warranty is needed for the banks (but offer no solution or ideas as to how to handle this).

My first question is whether a conversion of an existing property also calls for a structural warranty. I have checked the U.K. LFC and this is not totally clear to me. I get the sense the focus is  ore on new builds.

Assuming that a structural warranty is needed by the bank for the conversion of an existing building, as opposed to a new build, then my second question is whether there is any chance of the bank waiving this. Seeing as the property has been standing since the XVIII century, and the works finished ages ago, the whole idea of structural issues seems pretty far fetched. Also the renovation did not alter the structure in any way, other than the roof. I am totally unconcerned by the risks here as the property has been extensively surveyed and all the surveys have been excellent.

If the idea of a bank waiver is a non starter, then I assume our only solution is a retrospective warranty. I am speaking with a broker about this but if anybody has any practical experience to share, particularly in low risk scenarios such as our conversion, I would be very interested. I would hate to see the sale fall over because of this non-issue. Any practical ideas very welcome.

Many thanks in advance.

[Deleted User]

Some lenders will waive it if you are not the first occupier since the conversion qnd its been at least 2or 3 years.
If the current lender isnt one of them then they wont budge.  Might need to get broker to source a lender specifically who will accept without thr warranty. 

Its all in the cml handbook so shouldn't be hard for them to find which lender to approach 

ACG

I had some dealings once with a company called Global home warranties, I am sure the lad was called Jim (but dont hold me to that it was a few years back). 

It might be worth giving them a shout or as JMA says, find a lender who does not have the requirement - I cant help on that front though, I cant think of any real life examples where I have had to place a similar case. 

user1977

gendarmedebedfordshire said:

the renovation did not alter the structure in any way, other than the roof

So what exactly did the work comprise?

[Deleted User]

https://lendershandbook.ukfinance.org.uk/lenders-handbook/englandandwales/question-list/1919/

Here is all the answers to Question: 6.7.4. Will the lender proceed if the property does not have the benefit of a new home warranty scheme?


Nationwide and Halifax are usually good for missing warranty cases 

[Deleted User]

Also hsbc are fine if its a conversion that didnt have structural alterations