New Home Warranty
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One Guarantee can provide structural warranties for conversion and renovation developments throughout the UK. Our conversion warranty has been specifically tailored for change-of-use developments, such as conversions from offices to apartments. The warranty provides developers and builders with comprehensive and flexible cover to suit the project in question. Typical conversions and renovations may involve the conversion of commercial office blocks to residential apartments or renovating a disused tower block to student accommodation.
One Guarantee and our appointed surveyors work with the developer and builder throughout the build process to ensure the conversion project complies with our technical standards. These additional checks will also ensure the development has been built to the highest quality possible.
Why Is A Conversion Warranty Important?
Structural warranties for conversions and refurbishments are important to protect against certain defects that may occur within the structure of a newly converted project. Major structural faults can often be costly to put right, which is why it’s important to have the right cover in place to protect any financial interests in a property.
If the development is to be converted for residential use, a building warranty is required to satisfy the majority of mortgage lenders, who will also insist that a recognised structural warranty is in place for each newly built property. Banks and building societies will often not provide mortgages until a structural warranty has been provided by the developer. This is to ensure mortgage lenders’ funds are sufficiently protected should a defect arise, and the property in question needs to be either partially or completely rebuilt. Our policy in this scenario would pay for these rectification costs.
Structural warranties also make properties more attractive for developers and future owners to sell. They provide the reassurance and peace of mind to any potential purchaser that cover is in place should the worst happen.
Additional Benefits of Our Conversion Warranty
- 12-year policy as standard
- AA-rated Insurer
- Contaminated land cover
- Developer insolvency cover (subject to approval)
- Cover for part or completed projects
- Cover to comply with Building Regulations
- Alternative accommodation, professional fees, debris removal and additional costs
- Additional protection under the Consumer Code for New Homes
- Instalment facilities available (subject to approval)
- Machinery Inherent Defects Insurance available
- What Qualifies As A Conversion Or Renovation?
The conversion or renovation of a property can entail a number of changes generally intended to improve, extend or restore part or whole elements of an existing structure. A conversion or renovation often results in a change of use of the property, for example, the conversion of a commercial premises for residential use. One Guarantee provides developers and builders with structural warranties designed specifically to cater for conversions and renovations.
- Do I Need To Provide A Structural Survey?
A full structural survey, or condition report is required for any conversion or renovation projects and will be examined as part of our Design Risk Assessment. One Guarantee are unable to offer formal terms without reviewing the structural survey that has been undertaken on the property. One Guarantee may even require an initial survey to be carried out prior to offering terms.
- Will I Need To Register With You Under This Scheme?
If you intend to sell the newly converted unit(s) on the open market you will be required to register with One Guarantee. Registration must be renewed annually and maintained. If the intended use of the development is for commercial purposes, you will not need to register with One Guarantee.