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Valuation

23/08/2017

1. Society Standard
We will lend up to 75% of the land value and build costs with funds being released in arrears of each stage of the build, subject to a maximum of 75% LTV at each inspection

Typically the advance will be released in stage payments against an appropriate interim certificate from an architect, architectural technologist, structural engineer or RICS surveyor (minimum PI cover of £1m is normally required). Monies will normally be released at the following stages of construction with stage releases not exceeding £100,000 for any single stage release. The valuer appointed by the Society will be required to carry out reinspections at the following stages of construction (as a minimum):

  • Land with full planning permission and building regulations approval
  • Foundations
  • Wall plate
  • Wind and watertight
  • Completion

2. Society Advance
We will lend up to 85% of the land value and build costs providing it does not exceed 75% of the end value with funds being released in advance of each stage of the build

The first release for land will be made subject to receipt of outline planning permission

Full planning permission and building regulations will be required prior to release of any subsequent stage payments

For subsequent stage payments release will be made against an appropriate interim certificate from an architect, architectural technologist, structural engineer or RICS surveyor (minimum PI cover of £1m) and will not exceed £75,000 for any single stage release. The valuer appointed by the Society will be required to carry out reinspections at the following stages of construction (as a minimum):

  • Foundations
  • Wind and watertight
  • Completion