CML Compliant Professional Consultants Certificates and Warranties for New and Converted Properties

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13 
Sep

HSBC now proceed without full warranty

Great News!

The CML (Council for Mortgage Lenders) have recently updated their list of building societies and banks that accept our certificate. There are now in excess of 100 building societies and banks that accept the Professional Consultants Certificate.

The HSBC bank do not usually accept a Professional Consultants Certificate (PCC), however they will now lend against converted properties without the need for a full warranty.

This provides considerable savings for the developer inasmuch a large house converted into flats can be done on a PCC (for peace of mind for the developer and client) without the need for a full warranty…. this is the actual wording below:

‘… for Converted Properties we will proceed providing confirmation is received that the property is subject to full building regulations, planning permissions and completion certificate.

CARE for Conversions where FULL STRUCTURAL alterations have occurred then a New Home Warranty scheme should be in place as detailed in Section 2 6.7.1′

You can also check out this link.

http://www.cml.org.uk/cml/handbook/englandandwales/question-list/543

Published Date: 13th September 2013
Category: Professional Consultants certificates
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