We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

CRL warranty issue

Sheep
Sheep Posts: 219 Forumite
in House buying, renting & selling
Hello,

I have just read that CRL warranty are no longer being accepted by mortgage lenders as their parent company Alpha have gone bust.

We are hoping to sell our property and our warranty is with CRL. Where do we stand? Will nobody be able to buy our house?

Im totally confused :(

Comments

  • mije1983
    mije1983 Posts: 3,665 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Name Dropper
    You can still sell it. Most houses don't come with warranties unless they are relatively new.
  • eddddy
    eddddy Posts: 18,203 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    mije1983 wrote: »
    You can still sell it. Most houses don't come with warranties unless they are relatively new.

    I suspect the OP is saying that their property is under 10 years old, and most mortgage lenders expect that any property under 10 years old to have a warranty.
  • Sheep
    Sheep Posts: 219 Forumite
    Ours is 3 years old.

    I have just looked on the mortgwge handbook and it appears 90% of lenders still lend with a CRL warranty so that makes me feel better.

    Also looking at some once the house is over 2 years old they dont vlass it as a new build anymore and dont require any warranty. Nationwide are one of them thankfully.

    Plus CRL are still selling warranties and are still up and running so im thinking we should be fine.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Is the warranty insurance backed? If so, the insurer will pick up the liability if the company providing the warranty goes bust.
  • ComicGeek
    ComicGeek Posts: 1,673 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    G_M wrote: »
    Is the warranty insurance backed? If so, the insurer will pick up the liability if the company providing the warranty goes bust.

    Isn't that the problem? It's not the company providing the warranty but the insurers behind that have gone bust.
  • sal_III
    sal_III Posts: 1,953 Forumite
    Fifth Anniversary 1,000 Posts
    G_M wrote: »
    Is the warranty insurance backed? If so, the insurer will pick up the liability if the company providing the warranty goes bust.

    That's exactly what the problem with CRL is - their insurer (not parent as per OP) Alpha went bust and they are scrambling to find another. So their cover is a bit questionable ATM.

    I think the difficulties obtaining mortgage for a property with CRL warranty only(mainly) affects new builds.
  • Sheep
    Sheep Posts: 219 Forumite
    Great thank you.

    So are you saying that as our house is now 3 years old it would no longer be considered a new build to mortgage providers?
  • Warrantyexperts
    Warrantyexperts Posts: 31 Forumite
    10 Posts First Anniversary
    Sheep wrote: »
    Great thank you.

    So are you saying that as our house is now 3 years old it would no longer be considered a new build to mortgage providers?


    A mortgage lender will generally expect a property less than 10 years old, or less than 10 years after a significant conversion/refurbishment to come with an acceptable Housing Warranty. Lenders make their own decisions on which warranties are acceptable and following the demise of Alpha lenders are more sceptical with some no longer accepting them.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.2K Banking & Borrowing
  • 253.6K Reduce Debt & Boost Income
  • 454.3K Spending & Discounts
  • 245.2K Work, Benefits & Business
  • 600.9K Mortgages, Homes & Bills
  • 177.5K Life & Family
  • 259K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture