I started building a house in Gladstone with a company called Barefoot Homes and have just discovered that they have gone bust. They have surrendered their license to the BSA but have since gone to ground by which i mean I can not contact. We have found a new builder by way of Mark Bain Constructions(Has anybody had any dealings with and would like to share?). He is happy to take over the build but since i have already paid the fist 5% deposit for the build and construction has commenced to the point of cut & fill, plumbing and wiring has been done, the bank is not willing to move the loan to the new builder to complete. The bank wants us to go through the BSA process of insurance which the BSA have informed me will take up to 7 months to complete.
At this stage, I am talking to other lenders to finance the complete loan and just have new contracts drawn up with the new builder.
Does anyone have some advise or experience with the BSA insurance process?????Document every contact/attempted contact that you have made with the builder (diary notes + copies of phone records)
Lodge your claim with BSA ASAP.
What stage of declaring bankrupt is the builder at? What other parties are involved? Are you owed any money or are they yet to claim the cost of the works according to the progress claim schedule?I am in a similar situation. But a lot further down the line and will need to go through BSA.
Is there an insurance company that will cover the house between, builder going bust and BSA actually starting work?
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