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Stage payments

society4 · 2022-03-25 18:15:34

Anyone explain how this works if releasing equity to carry out renovations/extension? Do you get an indep engineer to visit the site and certify the works as they go along and then the bank release the monies if the works are certified?

25-03-2022 6:15pm

#1

society4

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Join Date: March 2022

Posts: 226

Anyone explain how this works if releasing equity to carry out renovations/extension? Do you get an indep engineer to visit the site and certify the works as they go along and then the bank release the monies if the works are certified?

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#2 06-04-2022 11:57pm

DBK1

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That’s pretty much it.
Engineer would have to be pre approved by the bank, usually by them requesting a copy of his credentials and insurance. He will then send them costings on the job to the various stages.
As these stages are completed, engineer will visit site to check the work, he should also look for any required certs, e.g. readymix, steel etc. If all is correct he will sign off on completed work, send this info to the bank and payment is released.

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