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It is very important that you purchase a new build warranty before you start constructing a new house or houses. A new build guarantee will cover you for 10 years from the sign-off of building regulations in the event of any major structural defects. In addition, having a new build house warranty is an essential mortgage lender requirement when the time comes to sell the property.
With over 25 years of experience in the construction industry, we at Granite Building Warranties know the importance of a new construction warranty is. Read on to find out more about getting a new build guarantee through us.
A new build house warranty, also known as Latent Defect insurance, is an insurance policy that covers newly built or converted properties for a period of 10 years from building regulation sign off. The warranty policy is taken out by builders or developers before the start of construction and most importantly before a new property is sold to a buyer. The first 2 years are known as the ‘defects period’ and the developer is responsible in the vent of a claim. The remaining 8 Years are the responsibility of the insurer.
The warranty covers structural defects: such as the gable end moving away from the roof trusses or defective windows. The first two years covered by the warranty, known as the defects insurance period, is covered by the developer. The remaining eight years are covered by the warranty provider, also known as the structural insurance period.
From a legal standpoint, there is nothing that requires the developer of a new build home to provide a new build warranty in the UK. However, most mortgage lenders won’t provide finance on a new build without adequate warranty protection to cover the property. New build homes in the UK typically come with a 10-year warranty to provide homeowners with protection against structural issues and defects in workmanship.
Building insurance covers a property for XXX whereas a structural warranty covers the property for structural defects that occur within 10 years of completion.
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Granite Building Warranties Ltd is an Appointed Representative of Richdale Brokers & Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority.
Granite Building Warranties is a company registered in England and Wales (Company Number 11497543) with its registered office at 1st Floor, 5 Century Court, Tolpits Lane, Watford, WD18 9PX