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building completion indemnity insurance
we had an extension built on our house some 5 years ago, but we have no paperwork for it, we are in theselling process and the question has come up as to building regs completion certificate, we have not got this and have been told about indemnity insurance, can anyone explain this and recommend how we get this
cheers
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Follow what happened on this thread and you will get the gist of what generally happens.
http://forums.moneysavingexpert.com/showthread .html?t=485214
The indemnity policy that you can buy does not guarantee that your building was correctly constructed - it merely indemnifies against Building Control taking action because you didn't get BC approval in the first place. Solicitors quite often want a policy - even if the deadline has passed for Building Control complaining about the lack of certification.
Your buyer needs to satisfy themselves the extension is OK - by having a surveyor inspect it.
Most of the large insurers do policies - Norwich Union is one example.
http://forums.moneysavingexpert.com/showthread .html?t=485214
The indemnity policy that you can buy does not guarantee that your building was correctly constructed - it merely indemnifies against Building Control taking action because you didn't get BC approval in the first place. Solicitors quite often want a policy - even if the deadline has passed for Building Control complaining about the lack of certification.
Your buyer needs to satisfy themselves the extension is OK - by having a surveyor inspect it.
Most of the large insurers do policies - Norwich Union is one example.
If building regs approval is in place then it should be revealed on the local search in the HIP/done by the buyer's solicitor.
Any approaches to the council will invalidate indemnity insurance as it puts the insurer at a higher risk having tipped the council off there may be work done without planning or building regs.
I'd be interested to see what any valuation or survey done said about the extension as they may have picked up on any problems with the work in addition to lack of building regs.
Did you check the planning situation at the time?
If so then did you need planning or building regs approval? Depending on the work you did it may or may not come within permitted development rights.
If you can get away with not approaching the council and getting indemnity insurance then go for it.
It's basically an insurance policy for a one off premium calculated according to the risk covered and to a specified indemnity limit, often the purchase price or decreed by the lender.
It provided an insurance fund payable in certain circumstances and subject to certain conditions eg if the council decide it contravenes building regs and tell them to take it down.
There are usually certain confirmations which must be made prior to getting a policy eg works over 12 months old.
Remember though it is an insurance policy not an ultimate sticking plaster.
Any approaches to the council will invalidate indemnity insurance as it puts the insurer at a higher risk having tipped the council off there may be work done without planning or building regs.
I'd be interested to see what any valuation or survey done said about the extension as they may have picked up on any problems with the work in addition to lack of building regs.
Did you check the planning situation at the time?
If so then did you need planning or building regs approval? Depending on the work you did it may or may not come within permitted development rights.
If you can get away with not approaching the council and getting indemnity insurance then go for it.
It's basically an insurance policy for a one off premium calculated according to the risk covered and to a specified indemnity limit, often the purchase price or decreed by the lender.
It provided an insurance fund payable in certain circumstances and subject to certain conditions eg if the council decide it contravenes building regs and tell them to take it down.
There are usually certain confirmations which must be made prior to getting a policy eg works over 12 months old.
Remember though it is an insurance policy not an ultimate sticking plaster.
hi jen
thanks for your message, the extension was built almost 5 years ago, basically a conservatory but with a proper tiled pitched roof, the builder told us at the time we did not require pp as it was under the specified size br was never mentioned. the house has been surveyed and no problems were thrown up, the extension is of sound construction and has been very nicely built. I know we mayhave been a bit naieve at the time, but hindsite is a great thing eh.
thanks for your message, the extension was built almost 5 years ago, basically a conservatory but with a proper tiled pitched roof, the builder told us at the time we did not require pp as it was under the specified size br was never mentioned. the house has been surveyed and no problems were thrown up, the extension is of sound construction and has been very nicely built. I know we mayhave been a bit naieve at the time, but hindsite is a great thing eh.
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