You are here: Home - News -

HSBC changes New Home Warranty scheme criteria

  • 13/11/2023
  • 0
HSBC changes New Home Warranty scheme criteria
HSBC will change its criteria around the New Home Warranty scheme so that professional consultant’s certificate (PCC) will be acceptable warranty for a new build property.

A PCC is a legal document that confirms a project has been completed satisfactorily then reviewed and signed off by a qualified architect or surveyor.

Currently HSBC criteria says that a PCC is not acceptable for a new build property, other than where the property is a conversion and has not had full structural alterations.

According to a broker note, from 4 December, PCCs will be eligible for newly built homes within a development of no more than 10 properties.

The note added that if the property is a flat or maisonette, a PCC needed to be available for the “common parts and the structure of the building” if these are part of the new build/conversion works.

HSBC continued that the conveyancer would need to ensure that the new home warranty, whether a PCC or Structural Defects Warranty, meet the criteria confirmed in the UK Finance Mortgage Lenders Handbook.

There are 0 Comment(s)

You may also be interested in