C
cperk1993
New Member
Hi all,
I am currently developing a barn conversion in Kent. There is a 6 bed house with a 3 bed cottage attached. This was my first foray into ground up development, as such I didn't take out a structural warranty at the start (stupidly).
I am now having to seek some finance to finish off the project, which has all been agreed with valuation done etc.
However I am struggling to get a structural warranty from a UK based underwriter (due to obtaining one after the project began). I have been told by a broker it must from a UK based underwriter. The same broker said as I cannot get a UK based underwriter, then I should get a PCC.
Another broker (the one who arranged the finance) has said that getting a SW from a UK Insurer (FCA regulated) which is underwritten in Gibraltar will be fine for lenders of potential buyers when I come to sell the cottage.
I have quotes for a PCC (6 years) and a SW underwritten in Gibraltar (10 Years) and they are roughly the same cost. But I'm torn between which to do as I have no real experience in this part of property development and I'm getting fed different opinions from brokers.
Can anyone help me out on this?
Thanks, C.
I am currently developing a barn conversion in Kent. There is a 6 bed house with a 3 bed cottage attached. This was my first foray into ground up development, as such I didn't take out a structural warranty at the start (stupidly).
I am now having to seek some finance to finish off the project, which has all been agreed with valuation done etc.
However I am struggling to get a structural warranty from a UK based underwriter (due to obtaining one after the project began). I have been told by a broker it must from a UK based underwriter. The same broker said as I cannot get a UK based underwriter, then I should get a PCC.
Another broker (the one who arranged the finance) has said that getting a SW from a UK Insurer (FCA regulated) which is underwritten in Gibraltar will be fine for lenders of potential buyers when I come to sell the cottage.
I have quotes for a PCC (6 years) and a SW underwritten in Gibraltar (10 Years) and they are roughly the same cost. But I'm torn between which to do as I have no real experience in this part of property development and I'm getting fed different opinions from brokers.
Can anyone help me out on this?
Thanks, C.
