We’ve always emphasised the importance of having an industry-recognised warranty, especially when buying off-plan.
This has led to clients asking why, if warranties are so important, are Emerging Property the only company in the sector to provide them as standard?
In this article, we’ll explain why many developers and their agents shy away from providing their customers with this vital reassurance.
Why don’t other developers and agents offer warranties?
Because they don’t have to
For decades now, all new build residential properties in the UK have been sold with a 10-year build warranty, with 80% of these coming from the National House Building Council (NHBC) – the country’s standard-setting body.
This is because it’s a requirement for lenders and therefore for homebuyers too.
However, with purpose built student accommodation being a sector where properties cannot be mortgaged, lenders are not involved. Therefore, developers don’t spend the time or effort required to obtain a warranty – because they’re not required to.
Some developers claim that NHBC warranties are for residential properties only. This is not true; it’s just an excuse to cut corners and save money.
Because warranties aren’t handed out like confetti
A developer has to earn a warranty; a number of strict criteria have to be met, which require a great deal of time and money along with the very highest standards of construction and design throughout.
The success of UK student property has attracted its fair share of rookie developers looking to make a fast buck; there is no way they could achieve NHBC certification even if they wanted to.
Because short-termism is the name of their game
Fixed income periods of just 2-5 years are common, meaning structural defects or major repairs can be deferred until they become the leaseholder’s responsibility.
The developer won’t be footing the bill, so why spend more on build quality upfront?
Because they are promiscuous
Most other consultancies that we know represent multiple developers. The short-term, non-exclusive nature of these partnerships means that the exhaustive, demanding process of achieving NHBC certification can be dispensed with.
Our 10-year NHBC build warranty – your assurance of quality
We have an exclusive partnership with the UK’s only NHBC-certified student property developer – we don’t partner with anyone else, and neither do they.
Our 10-year fixed income periods mean that our developer has to deliver the highest standards of both build and property management – failure to do so could leave them seriously out of pocket.
This enables us to provide 10-year warranties on all our new build properties, as well as helping us to establish high standards in other areas too.
Introducing Q Studios Student Property
This impressive new build development boasts a prime location near two highly respected universities. Q Studios is being released in two phases, with the first phase now sold out. Phase II contains 147 highly sought after student studios and an impressive range of facilities.
- All income predetermined, contracted and fixed for 10 years
- 10% NET fixed annual income: every year for 10 years
- Independent 10-year structural warranty
- Fully managed by sector specialists
- Zero costs during fixed income period
- Available from £69,950
- Discover more about this property investment