Stage payments

Slates

At what stage of the building process have the selfbuilders using this board typically drawn down their mortgage?

I know the question is not a strictly a construction issue but as there are so many selfbuilders using this form it seams the best place to find an answer to the question

sydthebeat

Slates wrote: »

At what stage of the building process have the selfbuilders using this board typically drawn down their mortgage?

I know the question is not a strictly a construction issue but as there are so many selfbuilders using this form it seams the best place to find an answer to the question

the usual stages are:
foundations
floor
blockwork
roof
windows + plastering
completion

Villain

Mine are
Site Purchase
Foundations
Wall Plate (blockwork)
Roof
Windows & Plastering
Completion

muffler

The above mentioned stages are generally the norm. Most of the lending agencies however will pay out every time a stage payment cert is submitted but obviously they wont want to see 15 or 20 appearing :eek:

Like most financial assessments there is a minimum and maximum amount that can be certified so theres every possibility that you may have a bit spare from each stage payment which helps with buying materials for the next stage.

Slates

muffler wrote: »

The above mentioned stages are generally the norm. Most of the lending agencies however will pay out every time a stage payment cert is submitted but obviously they wont want to see 15 or 20 appearing :eek:

Like most financial assessments there is a minimum and maximum amount that can be certified so theres every possibility that you may have a bit spare from each stage payment which helps with buying materials for the next stage.

Does the bank send a person to the site to see how much work has be completed before issuing the money ?

Villain

An Engineer with Professional Indemnity Insurance signs off a stage payment cert to say he/she has inspected the site.

Vegeta

Villain wrote: »

An Engineer with Professional Indemnity Insurance signs off a stage payment cert to say he/she has inspected the site.

Who organises the Engineer, you or the bank?

I suppose they charge an arm and a leg

Villain

You do, I got mine for €1,300 but he is purely signing off on stage payments.

muffler

Slates wrote: »

Does the bank send a person to the site to see how much work has be completed before issuing the money ?

As was mentioned you engage your own architect/engineer/technician to supervise the works and issue stage payment certs.

Apart from BOI and a few of the building societies I dont think anyone else is sent to the site.

Slates

Villain wrote: »

An Engineer with Professional Indemnity Insurance signs off a stage payment cert to say he/she has inspected the site.

So if your friendly with your engineer , you could draw down money at any time.

By the way my engineer is charging €1000 for stage payment signoffs

newname

Hi,

And when the Architect/Engineer etc signs off on work completed - Is the money transfered to the clients bank account or is a cheque written directly to the builder?

muffler

newname wrote: »

Hi,

And when the Architect/Engineer etc signs off on work completed - Is the money transfered to the clients bank account or is a cheque written directly to the builder?

The money will normally be deposited into your bank account or sometimes a new account will be set up for that purpose. After that its up to you to withdraw whatever amount you need.

I have never seen the builder getting the payment directly from th bank.

muffler

Slates wrote: »

So if your friendly with your engineer , you could draw down money at any time.

By the way my engineer is charging €1000 for stage payment signoffs

A draw down of money is only done after each stage payment cert is submitted by your project supervisor. Being friendly with him helps as he may see fit to stick in for an additional stage payment or as i stated earlier he could certify the maximum costs.

sinnerboy

Slates wrote: »

So if your friendly with your engineer , you could draw down money at any time.

absolutely not - stage payments to reflect stage completed . foolish engineer to do otherwise

Villain

I have heard of cases years ago where engineers would sign off on the complete building before building commenced i.e. sign the certificate of completion but now a days I think the banks would be a bit more tuned in