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Q&As
Can we Insure our Property?
We have nearly finished a project of a Conversion/New Build. The builder is a sole trader who has subcontracted various job out. He is not part of the NHBC scheme, nor have we got a written contract just a quote for the work (obviously an error on our part for not getting one drawn up).
We are looking for some advice really as to how we are covered if anything does go wrong with the structure? I have read about the Architects Certificate but as far as I can see they should have visited site to inspect which they haven't so that is probably out the window.
The Building Inspector has been down at various stages. We do not need to borrow any money on the property but if we wish to sell it would the buyer need some sort of warranty to be able to get a mortgage? Also are we still able to insure the property without any of these warranties?
One Answer
Thanks for your question. As it currently stands unfortunately you currently have no protection if anything goes wrong with the structure. You could possibly go down the route of suing the builder but you would have to prove he was liable for causing the damage/defect which may be hard to do, and likely to be costly.
You are right in terms of not being able to obtain an Architects Certificate as they would have had to inspect the build are key milestones to be able to sign it off as OK. It is possible to get a “retrospective” warranty with some Warranty Companies.
It is more costly than taking a warranty policy out at the outset as again, normally under a warranty scheme an Inspector would have to come out to verify the structure during the course of construction.
To qualify for a retrospective warranty the company providing it would need access to your building inspector’s reports from his various visits. It is worth looking into as without a Warranty Certificate you will have extreme difficultly in selling the property within 10 years, as any new purchasers lender will require sight of the Warranty Certificate as a condition of their loan.
With regards to your Buildings Insurance, not all insurance will ask the same questions but it is likely you will have to declare such things as “is the property of sound construction etc”. It will also be important to check any exclusions that your intended provider may have.
– Rachel Pyne, BuildStore