Local Authority Building Control (LABC) New Home Warranty is a service that has been created in partnership between LABC, the representative body for Local Authority Building Control, and MD Insurance Services Limited (MDIS) the company that administers the scheme which is regulated by the Financial Services Authority (FSA).
Why a structural warranty is needed
To get a mortgage, most banks and building societies require new buildings to have a structural warranty in place. This covers any risks that are not included in standard buildings insurance such as design, materials or workmanship. This is technically known as latent defects insurance.
The warranty provides the cost of rectifying works, partial or complete rebuilding where a new property has suffered major damage. Having a warranty in place gives the client peace of mind and the assurance that the development has been built to the highest standards. The LABC New Home Warranty consists of three warranty products:
LABC New Home Warranty
This caters for speculative developers and builders covering conversions, new build and mixed use developments.
LABC Social Housing Warranty
A competitive tailored solution covering shared-ownership, rented or key worker accommodation projects. Cover can be provided for either a 10 or 12 year period.
LABC Self Build Warranty
Designed specifically for individuals building their own homes - both new build and conversions - to provide peace of mind.
Registration with LABC New Home Warranty is entirely free of charge and there are no annual fees to pay to remain registered. For a free, no obligation quotation for your next development, please contact LABC New Home Warranty on 0845 054 0505, e-mail email@example.com or download an application form from www.labcnhw.co.uk.