If you are building or converting a residential property in the UK, you will need some kind of official assurance for lenders and buyers that their financial investments in the property are protected if any problems develop after ownership is transferred.
One such document that can certify the standards of a newly built or converted property is the Professional Consultants’ Certificate (PCC).
These were often known as CML certificates because this kind of document was previously provided by the Council of Mortgage Lenders. However, this financial organisation was merged into the larger trade body UK Finance in 2017, updating the PCC.
This UK Finance-approved certificate must be administered by a chartered professional consultant, like an architect or surveyor, who can vouch for the quality of the building work for 6 years from the issue date.
Here is what you might want to know about what a UK Professional Consultants’ Certificate does and how it could help you with financing new build dwellings or conversions.
The purpose of a PCC is to confirm to a lender that a professional consultant – with the appropriate experience and qualifications in the design and construction of residential buildings – can verify that the property complies with building regulations and approved plans.
By providing and signing the certificate, the professional consultant agrees to remain liable to first and subsequent purchasers of the property for 6 years and to maintain the right level of professional indemnity insurance to cover these liabilities for this period of time.
Professional Consultants’ Certificates can either be monitored or respective. Monitored certificates are provided after overseeing the construction work throughout multiple site inspections, while completed structure certificates are issued after one thorough post-completion inspection.
The certificate essentially covers what the professional consultant providing it is capable of discerning and can reasonably be held liable for under their professional indemnity insurance.
A PCC can offer the minimum technical certification that lenders will expect before agreeing to release funds. So, if you want to sell, mortgage, or re-finance a property that was built or converted in the last 6 years, you will need this type of certificate backed by UK Finance.
While there are other options available that can provide more comprehensive cover for a longer term, many self-builders and new developers prefer cheaper PCCs because they allow them to secure funding and sell their completed properties with less experience.
These certificates and the monitoring service they provide can help to release stage payments from banks to fund projects.
The majority of lenders registered with the organisation will accept a UK Finance Professional Consultants Certificate from a qualified provider, like ourselves here at Architects Certificate.
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