The National House Building Council will soon be introducing a new online system for the acceptance of Buildmark cover, replacing the current paper-based process. Access to the acceptance system and key NHBC documents, including the cover note and insurance certificate, will be via a secure online hub on the NHBC website (www.nhbc.co.uk/acceptance). The new system reflects recent changes in conveyancing procedures and the increasingly electronic nature of conveyancing transactions.
The process will commence with registration of a plot by a builder or developer. Thereafter, NHBC will issue a policy and reference number, which a builder or developer will forward to a prospective purchaser’s solicitor, either directly or through their own solicitor. Solicitors will be able to log in to the online system, using the policy and reference number, to locate the policy and check cover. Key features of the new process will be the electronic activation of Buildmark cover and access to NHBC documentation. Stage completion of the online process will trigger the start of the pre-completion deposit cover and then the 10 year policy, including the two year defects liability period.
The main benefits can be summarised as follows:
- Conveyancers will be able to check quickly and easily whether a home has the benefit of Buildmark cover prior to the conclusion of missives, giving increased protection for purchasers.
- There will be no paper acceptance packs to store or send, saving you time and money.
- It will be easy to check and print warranty information, for example insurance certificates, CML cover notes, policy endorsements (elements of a home which are excluded from cover), and warranty status.
- All plot and site changes will be updated automatically on the system by NHBC.
- The system is completely free to use.
- In the event that there is a problem with cover (e.g. if cover is not available because a builder/developer is no longer registered with NHBC), that information will be available to view immediately.
In this issue
- Separate representation for borrower and lender
- Market abuse and regulatory enforcement
- Choosing to die: the defence dilemma
- The rise of the partnership tribunal
- Evolving marriage rights
- Margaret Paterson Archer: an appreciation
- Reading for pleasure
- Street level insights
- Opinion column: Malcolm Cannon
- Book reviews
- Council profile
- President's column
- Land mass coverage heads for milestone
- Bidding for success
- Across the divide
- Blades running?
- Welfare still rules
- Protected conversations
- Over the border
- Sum of the parts
- Holding out for reform
- Form 13A: a step forward
- System in chains
- Buildmark: online update
- Scottish Solicitors' Discipline Tribunal
- From the Brussels office
- Law reform roundup
- The earlier the better
- Ask Ash
- Business radar
