When someone buys a new build property or a recently converted property, the mortgage lender will ask them to provide a warranty or certificate to cover the building if anything were to happen. This is done so that the investment is protected and to give the mortgage lender some form of security. Otherwise, they run the risk of losing a lot financially if something were to unexpectedly go wrong. After all, anything can happen when it comes to property.
Do You Have a New Build Warranty or a Professional Consultants Certificate?
It doesn’t matter whether you have built a property from scratch or you have converted an existing building, you will need to have a new build warranty or a Professional Consultants Certificate to show. Both of these have been put in place to formalise and standardise new and converted residential properties. It’s important for mortgage lenders to have some sort of guarantee that they are lending on a safe investment. Though most projects are finished without a problem, there is no guarantee that all new builds will be finished and there is no guarantee that a renovation will be free from defects.
When someone eventually comes to buy the property their mortgage lender will require them to have either a new build warranty of a Professional Consultants Certificate. This is to prove that the property has been built correctly and under a building standards indemnity scheme. After all, very few mortgage lenders will be willing to lend on a new build or recently converted property without something to show that it has been completed to the required standard. This is also the same if you plan to rent the property and need a Buy-to-Let mortgage to release equity. If the property has been newly built or recently converted, mortgage lenders will ask for a new build warranty or a Professional Consultants Certificate before going ahead.
A Professional Consultants Certificate is valid for six years from the date of issue and it’s transferable to anyone who buys the property. This means that once you have one, it can be given to any mortgage lenders that need it. If you need a Professional Consultants Certificate, you have come to the right place. It doesn’t matter about the type of property that you need protecting, we are here to help. To find out more, get in touch.
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