PROFESSIONAL CONSULTANTS CERTIFICATE (PCC) FOR SELF BUILD PROJECTS
One item that can be sometimes over looked by self builders is what they require in order to obtain and draw down a mortgage.
In order to secure a mortgage you can get either
– a 6 year professional consultants certificate
or a more comprehensive
– 10 year home warranty such as NHBC or Structural warranty.
– 10 year Structural warranty.
Professional consultants Certificates known as (PCC) where formerly known through the construction industry as an Architects Certificate, this no longer applies.UK Finance has created the PCC on behalf of the banks to formalise and standardise the certification of newly built or newly converted residential property
The UK Finance standard PCC certification needs to be administered and signed off by a professional consultant such as a registered chartered architectural technologist, chartered architect or chartered surveyor who must have the relevant experience in order for it to be valid
Minimum Requirement Lenders Require to Raise a Mortgage
A Professional Consultants Certificate is the minimum your lender needs to raise a mortgage on a property completed in the last six years, as banks and building societies usually only provide finance for the property if it’s vouched for by either:
– Professional Consultants Certificate (PCC), as backed by UK Finance.
-National House Builders’ Council (NHBC), warranty.
– A structural warranty issued by a chartered structural engineer
What does a PCC cover
The PCC is not an insurance backed warranty, nor is it a latent defects policy and it’s not designed to be. It’s a document to prove to a mortgage lender that the build or conversion is of a suitable quality to raise finance on. It’s not designed to cover latent issues that are common on projects.
Please note that a PCC is not suitable for commercial larger, mixed-use developments.
A PCC can also be used at an interim stage in the build as an authorisation to draw down funds from the bank in the form of stage payments. usually either four or five stage payments depending on the lender
The majority of the mainstream residential mortgage lenders accept the PCC. You can find the current list of lenders by viewing the UK Finance Mortgage Lenders' Handbook. Please note that to fully satisfy yourselves, contact the lenders directly.
Cover we can provide for your self build project.
At Inspire Architectural Design we can certify your self build project up to a value of one million. We can also provide further cover on request for an additional fee
For more information on Professional Consultants Certificates (PCC) please click this link: – https://www.ukfinance.org.uk/