Welcome to the Checkmate website. As a new home buyer it is important for us to help you understand what you need to know regarding a latent defects insurance policy for your new home.
If you are buying a property from a developer or builder or if you are purchasing a part share in a new home from developer or builder or housing association your new home should have a Castle 10 insurance policy provided for you. When you are close to exchange of contracts you should be able to obtain a copy of one of two different types of certificate and this will contain details about the property.
If you exchange contracts before the new home has finished being built and depending upon your contract terms, you may receive a copy of the Building Period Certificate and Castle 10 insurance policy wording. If these documents are provided you should ensure the name of the organisation who is selling you the new home, the full address of the new home and the purchase price that you are paying for it, are shown correctly. If you have any questions about the insurance policy or any certificate at this stage you should discuss this with your legal representative.
These documents confirm the which part(s) of the insurance policy apply that is provided to you before the home has finished being built.
Once the new home is finished and ready for you to move in you will usually receive a copy of the Insurance Certificate, a copy of the Castle 10 insurance policy wording and a copy of the Homeowner’s Guide. These documents will normally be provided to you by email, in PDF format, by your legal representative.
You should check that all the details are complete and correct on the Insurance Certificate; these documents confirm which part(s) of the insurance policy apply and how long the cover is for. If you do not have these documents then you cannot be certain that there is a policy in place or that one will be issued in the future. It is the responsibility of your legal representative to ensure that the correct documents exist before you complete your purchase confirming that the insurance cover is in place and complies with any conditions imposed by a mortgage lender.