LONDON (dpa-AFX) - Persimmon (PSN.L) said that it will become the first major UK housebuilder to adopt a policy of providing a homebuyer's retention, by writing into standard contract that 1.5% of the total home value (equating to around 6% of the build fabric costs) can be withheld by the buyer's solicitor until any faults identified at the point of key release are resolved.
The average amount withheld, based on current selling prices, will be approximately 3,600 pounds per home.
The company said it has instructed its legal advisers to start work on drawing up the detail of our new standard contract and expects the policy to be fully in place by the end of June.
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