FDS Architectural

 

FDS Architectural

 

FINANCE

 

For most build projects where a new house or Conversion are to be constructed, with the finances organised by the client and where a mortgage is to be utilised , the stage payments from the lender are usually released as follows (please check with lender to confirm as information may alter):

 

Timber framed new house

The following %  are released following the initial land plot advance

• 15%                 Foundations to DPC level including block beam or concrete floor.
• 40%                 Timber structure and roof structure
• 15%                 External walls and roof covering
• 15%                 First fix Joinery, electrics, heating, plaster
• 15%                 second fix electrics, heating, Joinery to Completion

 

Block/ brick house

The following %  are released following the initial land plot advance

• 15%                 Foundations to DPC level including block beam or concrete floor.
• 15%                 Walls to first floor joist level or roof wall plate level for bungalow
• 15%                 Second floor to wall plate level
• 20%                 Complete roof
• 15%                 First fix Joinery, electrics, heating, plaster
• 20%                 second fix electrics, heating, Joinery to Completion

 

Over and above the afformentioned  there are the following items to consider which  should be investigated and allowed for:

 

• Legal Costs - A Conveyance Clerk or Solicitor should be engaged if required.
• Home Builder Warranty - Provided for new build (Self Build) see links page.
• All Risk insurance- Provided to protect against claims  on the site, see Links page.
• Valuation fees - These will be in the form of an initial plot valuation and stage valuations, also it is advisable to have an independent professional survey or valuation, this service may also be supplied under the Home Builder Warranty dependant on scope of work.
• Stamp Duty Land Tax - introduced 1st December 2003, see: www.hmrc.gov.uk for latest up to date details.
• Professional Fees - will include an Architectural Agent, Surveyor, Structural Engineer and Planning Consultant may be required with further fees ‘to be allocated’ for Local Authority planning and Building Regulations.
• Services - These could include connections by main supplier for electrics, gas, water, telephone, drainage.
• Contingency Fund - it is always advisable to allow for the unseen, for which a percentage of the total cost is kept to offset delays in the project and unforseen items such as  asditional ground works etc.