Mortgage for PRC Construction? Indemnity Insurance?

AB1320

Has anyone bought and mortgaged a PRC Concrete construction? The house is presumably and visibly repaired with a new brick outer skin, the EAs are unsure if a PRC certificate is present, but say that the property was last purchased and mortgaged for by the seller’s’ deceased mother (who I assume also aren’t a 100% sure)

As the PRC certification is required for a mortgage, should I push the sellers to find out from the solicitors if the certification is present before proceeding any further? Or is it pretty much guaranteed that one will be present as the last mortgage was given?

EAs are advising to get an buildings standards indemnity insurance, how would this work? Would the insurers pay for the certificate before the mortgage offer is issued if there wasn’t one?

On a side note, has anyone bought and lived in a PRC repaired home? Any issues to look our for down the line after a few years?

Thanks in advance!

K_S

@AB1320 I can't speak for your specific case but all the PRC mortgages that I've done (purchase or remo) for properties that had construction types originally labelled 'defective' and later repaired have required certificates (lots of different types exist including retrospective ones) confirming the repair. Below is an excerpt from the certificate for a recent mortgage that the lender's valuer required to pass the valuation stage.

On that basis, if you are confident that it's a PRC property of a 'defective' construction type that was later repaired, you would probably be best off confirming with the vendor the exact construction type, that there is a repair certificate of some kind and then check with the lender whether it's acceptable as per their criteria.

With all due respect to the EA, I don't expect an indemnity insurance to get you past the valuation of a repaired property that was originally of a 'defective' construction type.

AB1320 said:

Has anyone bought and mortgaged a PRC Concrete construction? The house is presumably and visibly repaired with a new brick outer skin, the EAs are unsure if a PRC certificate is present, but say that the property was last purchased and mortgaged for by the seller’s’ deceased mother (who I assume also aren’t a 100% sure)

As the PRC certification is required for a mortgage, should I push the sellers to find out from the solicitors if the certification is present before proceeding any further? Or is it pretty much guaranteed that one will be present as the last mortgage was given?

EAs are advising to get an buildings standards indemnity insurance, how would this work? Would the insurers pay for the certificate before the mortgage offer is issued if there wasn’t one?

On a side note, has anyone bought and lived in a PRC repaired home? Any issues to look our for down the line after a few years?

Thanks in advance!