It’s well-established that new-build homes and refurbished properties require a structural warranty or Professional Consultants Certificate (PCC) if they’re due to be sold. Under most circumstances, they’re mandatory for mortgage lenders to lend towards the purchase of a property.
Choosing between a PCC and a warranty isn’t always straightforward. Here’s what you need to know about the differences between the two – and which is ultimately the better option for you.
While a PCC and structural warranty both offer peace of mind to the homeowner and can effectively bring mortgage lenders to the party, they function in distinct ways from each other.
Let’s start with working definitions for each:
A PCC – formerly known as an Architects Certificate – demonstrates the professional consultant has the necessary experience, has visited the site at appropriate intervals during construction and has adequate professional indemnity insurance in place. The certificate is valid for 6 years from issue.
Whilst the certificate makes the professional liable for negligence, it doesn’t provide cover for structural defects. PCCs might be relatively quick and hassle-free to secure, but the cover they provide is not as comprehensive as some homeowners might like.
A structural warranty, whilst more expensive than a PCC, delivers more comprehensive protection by offering 10 years’ cover and covering the cost of repairs or a full-rebuild with immediate payment in the event of structural issues.
A structural warranty, unlike a PCC, doesn’t require any proof of negligence, saving the holder valuable time and money should an issue with their home arise. Structural warranties are valid as long as the damage has been caused by a defect which means that, unlike a PCC, you won’t have to worry about the consultant who provided it going out of business, as it will remain applicable as long as the cover lasts.
For comprehensive cover that lasts longer and insures you against the most undesirable outcomes, a structural warranty is the best option. PCCs are great if you’re looking for a solution with the quickest turnaround, but for ultimate peace of mind, it’s tough to beat the cover of a warranty.
If you’re a property developer or a homeowner looking to refurbish or convert an owned property and sell it on, then you’ll need to make sure your building is covered by a PCC or a structural warranty – particularly as many home buyers are now required to present these documents to secure a mortgage in the first place.
Get in touch with our team today to find out more.