It is a standard requirement of mortgage lenders that new homes are offered with the benefit of construction warranties, whether issued by the National House Building Council, the Zurich Municipal New Build Scheme or other approved provider.
Whilst our own clients may not be using mortgage facilities, such a requirement will affect marketability of the property in the future.
We advise our clients on the availability of such warranty schemes and the terms of the cover where available. If no scheme warranties are to be provided we will seek alternative warranties or representations from contractors or professional consultants engaged in the development. This is to ensure, so far as possible, that major defects in the original construction can be remedied even if the developer may have become insolvent or unwilling to fulfill its responsibilities, and to ensure that should you decide to sell the property in the short term it will not lose its marketability.
In the case of redevelopments of existing buildings, although scheme warranties are available, developers often do not provide them (often on grounds of cost). In such cases clients need careful guidance as to the options available.
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