There is a common misconception amongst developers that there is no warranty requirement for refurbishments or conversion projects. In fact, lenders now insist on a warranty being in place for any conversion or refurbishment where structural work is taking place. There have even been cases where lenders have refused finance, even on conversion projects where no structural work has taken place.
Developers should always consider that, if you are undertaking works that will see a building’s use change, (typically commercial to residential) or are carrying out major refurbishment works to a residential unit, then you will require a 10 year building warranty
Our ethos is based around outstanding customer service; all our brokers have experience of working in the property sector & will understand a developers needs and frustrations.
Obtaining a structural warranty can be a time consuming process. We offer our clients impartial and connected advice, in what has become a crowded and potentially, overbearing market. With new entrants into both the latent-defect and development finance markets, the importance of seeking third-party advice is essential.
We’re well placed to assist with finance options too, as an example: On a conversion project, we can provide LT-GDV at 65% with pricing starting at 6.5% pa.
If you’re currently considering your warranty or finance options for your existing or a forthcoming scheme, we should talk.
Or if you’d simply like to talk through your options, please do click the link below and one of our experts will be in touch.