This applies to all new residential properties as well as properties which are less than 10 years old. When you buy a new build or a recently converted property your mortgage lender will require you to gain a warranty to protect the building. Mortgage lenders will usually require that a warranty is in place before lending on a newly built property, as detailed in the Council of Mortgage Lenders handbook. The CML Handbook provides a list of the professionals who may be acceptable to lenders: Your lenders might not necessarily accept all of these, therefore you must always check with them to find out what Professional Consultant’s Certificates they deem acceptable. This, however, should only be used as an indicator and readers are advised to check with their own lender to ascertain which schemes they deem acceptable. Frequently Asked Questions 10 Years Cover The Protek building warranty range encompasses all areas of new and regenerative housing development. Even if you have no intention of selling your home, the skilled insight of our inspectors helps quickly identify any problem areas. Only Approved Lenders may qualify for CMHC Loan Insurance. All homes must be fully mortgageable and be covered by latent defect and new home warranty through an industry recognised provider. This can come in the form of a Building Warranty or in the form of a … The CML has provided a list of which schemes are accepted by each lender. All commercial developments, including offices, warehouses, retail units, leisure developments and schools require insurance cover. Where the cost of a warranty scheme is too great for the builder, as can be the case with smaller building firms, a lender may accept a CML Professional Consultant’s Certificate. Search UK Finance. So, finding a provider that is widely recognised will speed up the mortgage process. This, however, should only be used as an indicator and readers are advised to check with their own lender to ascertain which schemes they deem acceptable. LOCATION. The CML handbook provides comprehensive instructions for conveyancers acting on behalf of lenders in residential conveyancing transactions. Most mortgage lenders require structural defects cover to safeguard new residential property developments before they release funds. Firstly, you’ll need cover if you need a mortgage to finance your building project or development. It is important to check that the warranty provider you are considering using operates under a Consumer Code that is recognised by the Consumer Trading Standards Institute. Professional Consultants Certificate. So finding a recognised and credible structural defects insurance specialist becomes a crucial part of any sale. And seeing as the cost of righting a structural defect could cost as much as £40,000 in some instances, an insurance policy gives you peace of mind. The warranty is provided either by a warranty scheme or a Council of Mortgage Lenders (CML) Professional Consultant’s Certificate. © Copyright 2020 C-R-L.com, Astra Mortgages (BSA Mortgage Instructions), Chelsea Building Society (Yorkshire Building Society Group), Godiva Mortgages Ltd (Coventry Building Society), ITL Mortgages (Coventry Building Society). As such, there are two main reasons you’ll probably need structural defects insurance as a developer. Mortgage lenders will only lend where the property is covered by a warranty scheme or a Professional Consultants Certificate (PCC) recognised by The Council of Mortgage Lenders (CML) and you will not be able to sell the unit to anyone raising finance if this is not in place. 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