Covid and Property Conversions
Here’s an interesting thought for you. As we all emerge squinting into the light after over a year of lockdown, take a look around at the amount of skips and scaffolding around existing buildings. There is a change occurring in construction – and that change is driven by covid.
Commercial buildings are the primary focus here. Some of these changes are fairly minor, such as partitioning and greater segregation to reduce risk to employees. Most are fairly major, where there is no longer the high demand for commercial space that once existed as home working is extended. We are going to see a significant amount of work on commercial buildings, where developers and owners are looking to convert them to residential use.
Remember that funders and lenders treat these as newbuilds for lending purposes, because of the change of use (ie they have not previously been occupied as a residential property) so you should look at a ten year warranty on the conversion works. Not only does this assist with the sale from the perspective of a mortgage lend, it also provides peace of mind to future owners as to quality and insurance backing.
So if you are looking at a ten year Residential Warranty on a conversion (also known as Latent Defects Insurance) then get in touch and we will be happy to help.
In the meantime, keep an eye out for significant post-covid changes in our city centres…