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Final stage mortgage drawdown how complete is "complete"

DesperateDan · 2024-04-18 19:14:59

We're on our last stage of drawdown and builders want money. We're missing a staircase which we have paid a deposit on and should be installed within the next 3 weeks. And some skirting in a hallway :D The valuation report had the figure of 390k for the complete building. Our final drawdown will be 46k. Without the…

18-04-2024 7:14pm

#1

DesperateDan

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We're on our last stage of drawdown and builders want money.

We're missing a staircase which we have paid a deposit on and should be installed within the next 3 weeks. And some skirting in a hallway :D

The valuation report had the figure of 390k for the complete building. Our final drawdown will be 46k. Without the staircase, what happens when the valuer comes around again? Staircase had 3k allowed for it on the initial costings form for AIB.

Is there a risk that the property could be undervalued because it has no stairs, and therefore that 46k could be reduced?

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