Calling for property expert! Is CRL warranty compulsory for selling flat?

7
Posted 18th Nov
CRL company who provide 10 years structural cover (for my flat) went burst last year. All the flat owners are now discussing whose job it is to put replacement cover. Regulator (i think FCA) did issue small refund on behalf of liquidated company but it is nowhere near original amount we paid.

My understanding is as it is structural cover for entire building, you can’t just selectively buy cover for your own flat. It has to be covered by all flat owners.

Question is I’m planning to sell my flat and does CRL needs to be in place to legally sell my flat?

Thank you so much for your advices in advance.
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@mutley1 will know
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@mutley1 will know
i am afraid i have no experience of this, but i found this, which may help

c-r-l.com/res…qs/
If your property is less than 10 years old and your buyer is purchasing with a mortgage then an alternative latent defect insurance will need to be put in place.

You can look at getting a PCC certificate as an alternative it will likely be much more expensive than the compensation you have received though.
Im no expert in this but surley the structual aspect can just be covered under a convential insurance policy.
Considering its a flat, the freeholder/mangaging agent should be sorting this as part of your annual dues.
flang18/11/2019 20:54

Im no expert in this but surley the structual aspect can just be covered …Im no expert in this but surley the structual aspect can just be covered under a convential insurance policy.Considering its a flat, the freeholder/mangaging agent should be sorting this as part of your annual dues.


It’s an equivalent or alternative to a NHBC, covering the first 10 years of a new build. OP’s flat is only 3 years old and that’s the trouble - if he sells it, it would be without any new build cover rather than just simple buildings cover insurance. I too think that the freeholder should be sorting it out, after all he owns the bricks and mortar, the op is just leasing it off him.
I'm in limbo because freeholder not doing anything about replacement cover and i can't sell flat without it.
Look at This and try ringing the BIBA perhaps for more definitive help.
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