BUILDING OVER 100,000 NEW HOMES
123,151 new-homes were registered in the UK last year (2020). That may sound a lot, but actually we hit an eight year low, down 23% on the prior year (2019) when 160,319 were registered . With a growing population the country needs at least 250,000 to be built every year for the foreseeable future.
INDUSTRY RECOGNISED 10 YEAR WARRANTY
Make sure you receive your warranty details and keep them in a safe place. These will be provided to you by either your solicitor or conveyancing agent. Take time to read and understand them. The standards required of a builder constructing a new home are largely set-out by the warranty provider. If you experience a problem with a new-build a good start point is to check the details of your 10 year policy to see what the developer is expected to do in such circumstances.
Start by explaining to your developer the nature of the problem. If it is a genuine build defect, the developer will be obligated to put this right (as long as this was reported within the 2 years from legal completion date – the ‘Builder’s Rectification Period’). In the UK every new home sold requires a recognised 10 year warranty. This serves two purposes:
1. It protects the mortgage lender (as the mortgage is secured against the value of the property), and,
2. It protects the purchaser in the event that there are build problems affecting your new home in circumstances where the builder either cannot or will not make good.