Mortgage Lenders Rules
Under the new rules a lender will not release the mortgage funds
until the conveyancer has received confirmation in the form of a
cover note that the property has received a satisfactory final
inspection and that a full new home warranty will be in place on or
before legal completion.
In practice, the new home warranty provider will give the cover
note to the Bloor Homes immediately after the property has passed
the final inspection. Bloor Homes conveyancer will then pass the
cover note to the buyer's conveyancer. This revised approach will
apply to all transactions involving new properties being built or
converted in accordance with a new home warranty scheme.