What Is Mortgage Certification?
A CML certificate is a simple, straightforward single page document signed signed by a professional construction consultant (such as a Homebubble Building Surveyor) Certifying that he or she has visited the building during the construction phase of a property and has evaluated that the property has been constructed to a satisfactory standard. This certificate is then used as proof that your property meets the correct construction standards and planning permission requirements and will also provide security should a problem occur with your property after completion of construction. A CML professional consultants certificate is valid for a minimum of six years. It is also transferable to subsequent owners of the property for the remainder of the cover period (making it a useful selling point in discussions with potential buyers).
It has many advantages being that it demonstrates to the seller that you are a serious and determined buyer and that you have enough money behind you to purchase the property. It will also speed up the mortgage process later on when you make a formal application because it will already have some of your information on record. You must remember that a mortgage certificate is not a guarantee that the lender will actually give you the money for the property you want to buy. It depends on exact details of the property, the outcome of credit checks and the correctness of information you supplied about yourself. More information can be found on The CML Lenders handbook.
Applying For Certification
In order to get a mortgage certificate you will need to complete a form, giving details of the project, your builder, your lender and yourself. In practice a mortgage certificate is provided at one of four key stages allowing drawdown of funds for partially built homes; Homebubble will carry out inspections at key stages depending upon the circumstances of the build and the level of builders competence. To ensure a property meets required standards a surveyor will carry out as many inspections as is needed( it is important to note that surveyors act on behalf of you and your lender-not your builder). When a property is signed off as complete a completion stage certificate is issued. Please be aware this may necessitate the provision of electrical , gas, and other installation certificates as well as EPC, air tightness and other certificates
From April 2003 a solicitor should not release mortgage funds for a new build home (or conversion to form one) until the buyers solicitor has received confirmation that the property has a 10 year structural warranty (recognised by CML) or Professional Consultants Certificate in place (qualifications recognised by CML)
Why Would I Need A CML Certificate?
A CML professional consultants certificate protects both you and the lender to ensure the property you are moving into meets the required construction standards. Up until now this has not always been the case, leading to a range of problems moving in, from missing doors and electrical fittings to uninstalled fixtures and serious structural defects. Such problems need identifying from the outset and certainly before you move in. You will also need this kind of certificate if you're selling the property and your purchaser needs a mortgage or you want to rent the property and raise a buy-to-let mortgage to release equity.
How Do We Protect You
Our staff are Chartered Surveyors or Chartered Building Engineers (or both) and hold corporate membership of RICS or CABE