Thursday 23 May 2013

Santander : Ahead of the Q

Santander have became the first bank to add the Q Policy to the acceptable warranty schemes listed in it’s Part 2s of the CML Handbook.

The Q Policy is no ordinary warranty scheme. In fact it is a an alternative to the traditional 10-year warranty scheme. In essence it is  New Build property insurance for latent defects. More information of the Q Policy can be found here.

There is still a quality assurance element to the scheme as before issuing the policy as the company guarantees developers and builders  that they will provide a minimum of eight site visits during the build phase.

Key features for the The Q Policy for Residential Properties include :

  • Insurance Product offering Lifetime Property Cover
  • 6-month Developer Liability Period
  • Single point of recovery for Policyholders - they deal with Q direct from Day One of cover
  • Minimum of 8 inspections per plot
  • Loss of Deposit Cover available
  • Snagging Service available
  • Cover automatically included for loss of rent or alternative accommodation (including pets), additional costs, removal of debris, removal & storage of property & professional fees
  • Structural extensions & modifications can be included in cover

Although Santander may be the first to change it’s Part 2s to allow for the the Q Policy, other lenders are likely to follow their lead so please do track the changes via LENDERmonitor.

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