0ZG68Lxs
type: Answer
type: WrittenAnswer
answer has question: c4oNk3Lj
answer has answering person: o8uRVw1g
answer text: A new build warranty is issued to protect homeowners from the cost of fixing structural defects caused by faulty materials or poor workmanship during construction. Providers structure warranties acceptable to the circumstances, and it is for developers to determine whether to sell warranties or not. Mortgage providers require new build homes to be sold with a warranty for the buyer to secure a mortgage so in practice most new build homes will be sold with some form of warranty purchased by the developer with the home buyer the beneficiary of the policy. Through the Building Safety Act 2022, the Government has created a power that will allow the Secretary of State to set minimum standards for all new build warranties and penalties for those not complying. The Government is working with the sector to take these changes forward, and will provide more detail in due course.
answer given date: 2024-02-08+00:00
answer has answering body: 4YFnf0fD
written answer has answering body: 4YFnf0fD