Structural guarantee for second hand homes

The Property Guarantee Company has launched the Homebuyers Structural Guarantee in conjunction with Building and Land Guarantees to protect homeowners from the high cost of repairing uninsurable structural defects and failures.

Paul Oxley, director of the Property Guarantee Company, said: “We have long held the view that the UK housing market needs to offer wider protection to purchasers of existing houses. After a great deal of effort I am pleased to say that we now have a genuine market first with the Homebuyers Structural Guarantee.”

Oxley said they have worked closely with Building and Land Guarantees, the independent broker which specialises in building guarantees, to provide an innovative product.

The main benefits of the guarantee are; the provision of a unique selling point for sellers, reassurance for buyers and added security for lenders that their investment is sound.

Building and Land Guarantees director James Russell said: “For estate agents and sellers this guarantee could make their property stand out from the rest. It should be a key point for intermediaries and solicitors acting for potential purchasers knowing that protection is in place for their client and clearly mortgage lenders want to see that level of guarantee too.”

Russell added: “In our view, the application of the Homebuyers Structural Guarantee could mean the difference between a property transaction successfully completing or not. Put simply the housing market needs it.”