Retrospective warranty is a type of warranty that covers residential or commercial structures that have been built or refurbished within the last 10 years. It falls under the bracket of structural warranty and ensures that defects can sometimes be referred to as completed home warranties as it is issued once the build process has been finished.
Retrospective warranty works by covering a property that has already been completed as opposed to structural warranty that you usually purchase before a build, refurbishment or conversion is started.
A retrospective warranty covers any defects to the property such as leaking windows, electrical failures or heating system problems to name a few.
It’s not uncommon for builders and developers to run into financial difficulties during or after completion of a project. If you’ve acquired a part-built or completed property development that isn’t covered by a residential building warranty, CIR is here to offer a prompt, professional solution that enables you to move forward.
Not all properties are eligible for a retrospective building warranty. Eligibility is typically limited to properties that meet the following criteria:
To determine the specific eligibility criteria for your property, we would advise that you speak to one of consult with a specialist or directly with a warranty provider. They can provide tailored information based on your property’s unique circumstances and help you understand if a retrospective building warranty is a suitable option.
Retrospective building warranty is for those that own a property that has been built or refurbished within the last 10 years and want:
There are a number of benefits of getting retrospective warranty for your property if you have built or refurbished it within the past 10 years.
Benefits for homeowners include that it can save them from costly repairs and the financial strain of paying out for fixes.
Having retrospective warranty can also mean that property’s value is enhanced as buyers are more likely to purchase homes that are covered for structural damage due to wanting peace of mind in case anything goes wrong within the first 10 year period of the property being built or refurbished.
By not getting retrospective not only means that you aren’t financially covered for any structural defects but if you want to take out finance on the property you more than likely wont be able to due to this being a criteria for lenders.
There are a number of factors that influence retrospective warranty costs such as property age, size, location, and construction quality that will be considered when determining your premium.
There are 5 main steps to obtain retrospective building warranty:
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“At CIR, we recognise that oversights can occur. We are fully equipped to support retrospective projects, offering comprehensive coverage tailored to our clients’ needs.”
We appreciate that time is often of the essence in these instances, which is why we’ve developed our own specialist surveying app to enable a structural survey to be carried out as quickly and smoothly as possible. This cloud-based solution enables our surveyors to upload their findings directly to your personal Online Portal.
Whether you require a part-built structural warranty or a completed housing warranty, CIR is well-equipped to provide efficient and dedicated support. Our experienced account managers are on hand to support you throughout the process, from your initial enquiry through to receiving your retrospective structural warranty.
Why CIR?
Empowering you with access to all your information guarantees that we maintain the utmost levels of accountability and customer service.
Every email is carefully attended to, each phone call meticulously recorded for our mutual protection, and your documents are freely available to view on our portal at any time.
We are committed to transparency and openness, ensuring you have full visibility into every aspect of our interactions.
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A warranty on a new build home is insurance against potential defects or structural issues. It provides protection for both the buyer and the lender. Therefore, most mortgage lenders require a warranty for new builds.
Without one, securing a mortgage is extremely challenging. This is where a retrospective building warranty can help.
We understand that every second a part-built or completed new build remains unprotected represents lost opportunities and revenue.
CIR’s surveyors and dedicated account managers have the skills, technology and experience needed to ensure a swift and efficient resolution. Protect your investment today with CIR.
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