Self build mortgage - sequence of events

kildarejohn

Friend nearing completion of project, not clear on exact sequence of events. Does the Bank/Build Soc. valuer have to view before draw down of final payment. If so, does everything have to be fully done, snag list completed, all Certs passed on etc before valuer sees it - or is he happy just to see a substantially completed house?

delfagio

any one got anything on this, I am also in the same boat and will be coming up to our final drawdown soon and bit quite sure of the process here

Thanks

hexosan

Bank sends out a valuer, house has to be substantially complete before bank will release the final payment. Different banks require different amounts of work to be completed. I'd recommend contacting the estate agent who valued the site originally for the mortgage as they'll be doing the final valuation. Ask them exactly what they're looking for and only focus on these areas. Forget about buying furniture and bits and pieces of decoration until that work is complete.
Banks are notorious for delaying and refusing the final draw down. You could also look to get your engineer to go back and split the final payment into two draw downs if your really stuck for cash (not an easy thing to do but it can be done)

BryanF

Some will review planning conditions and expect them complied with