All properties less than 10 years old must hold an adequate warranty.
CHL accepts the following new build warranties:
- National House-Building Council Buildmark Scheme (NHBC)
- Building Life Plan
- Premium Guarantee Scheme
- Checkmate Castle 10
- LABC New Home Warranty
- Build-Zone Structural Warranty
- Zurich Municipal
- Advantage
- Aedis Warranties
- Global Home Warranties
- Protek
- ICW
- Ark Residential New Build Warranty
- UK Finance compliant Professional Consultants Certificate (PCC) with accompanying Professional Indemnity Insurance*
CHL can consider other new build warranty/insurance schemes where the policy meets the following:
- Provided by an ‘A’ rated insurer by one of the following rating agencies A.M Best, Fitch, Moody’s or S&P.
- Provides cover for a minimum of ten-years from completion of the first sale.
- Includes the cost of complete or part rebuilding in the event of a building defect or structural failure.
- Is fully transferable to a subsequent owner / buyer or a mortgage lender in possession within at least the first 10 years.
- Physical technical site inspections must have occurred at key stages on at least a sample basis.
- The maximum claim must not be less than, the higher of, the re-build cost of the property and the loan amount.
- Claim excesses should be reasonable (in general this should not exceed £1,000).
* CHL Mortgages will not accept retrospective warranties where periodic site visits during the construction/conversion process were not conducted.
Related words: Property development, construction, age
Category:
Property Criteria