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New build warranty cancelled before exchange - grateful for any help!
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That's the hope - so far I've spotted at least 7 mistakes, ''errors'' and misleading advice/contradictory notes. I'm essentially supervising their work at this point but my knowledge and research can only go so far.user1977 said:
Lenders don't give the solicitors discretion about it, they'll have their approved list of warranty providers and will stick to it.Culprit12 said:
That's what I thought, too.user1977 said:
You can ask, I've no idea what the response is likely to be - but if no lenders accept the warranty then they're going to have trouble shifting the properties otherwise...Culprit12 said:
Well, I don't think the lender has been informed at this stage. However, looking at the lender's handbook I don't see the new warranty on the list of acceptable providers. In fact, the new warranty isn't accepted by any lender out there...user1977 said:If your lender doesn't accept the warranty then you won't have the money to buy, so you don't have much choice in the matter (other than perhaps find a different lender).
Can we negotiate an alternative warranty or this is unheard of?
Does any know if solicitors are obliged to report such info to lenders or it's at their discretion to assess the suitability of a warranty (even if it's not listed on the approved list)?
If they fail to report before exchange and I proceed ... I will lose my deposit...
That's reassuring but I've got reasons to believe they will make another ''error'' which could cost me all savings...julicorn said:
Your solicitor works for both you and the lender. They won't let you exchange unless they believe that the lender is satisfied and willing to lend you the funds.Culprit12 said:
That's what I thought, too.user1977 said:
You can ask, I've no idea what the response is likely to be - but if no lenders accept the warranty then they're going to have trouble shifting the properties otherwise...Culprit12 said:
Well, I don't think the lender has been informed at this stage. However, looking at the lender's handbook I don't see the new warranty on the list of acceptable providers. In fact, the new warranty isn't accepted by any lender out there...user1977 said:If your lender doesn't accept the warranty then you won't have the money to buy, so you don't have much choice in the matter (other than perhaps find a different lender).
Can we negotiate an alternative warranty or this is unheard of?
Does any know if solicitors are obliged to report such info to lenders or it's at their discretion to assess the suitability of a warranty (even if it's not listed on the approved list)?
If they fail to report before exchange and I proceed ... I will lose my deposit...
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... and he carries Solicitors’ Professional Indemnity Insurance in case he makes an error which costs you anything.1
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I don’t know loads about this (kinda work in a related area) but I believe a new build must have a warrantee to get a mortgage. The ‘reputable’ companies will look at plans and do site visits during the build so I don’t think a lot of them will retrospectively give them so you might not have many options in terms of other providers0
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