First Time Large Renovation Project - Help with bank releasing funds

Lozridd

Good evening,


Firstly please be gentle as this is the first large renovation project ive undertaken so I am somewhat green to the processes and could really do with so sound advice.


I am two thirds through a large scale project (full height side, single height rear extension) to my property and the first stage of my additional borrowing have been used up. The issue I now have is the building contractor is asking for more money to continue the work but my lender will only release the remaining funds once the project is near completion (Kitchen and bathrooms fitted etc).


So essentially im at a stalemate.


I am at the stage of walls plaster boarded, first fix plumbing and electrics in etc.


I was originally making staged payments to the contractor but due to multiple delays they asked me to cease payments until they caught up with the project. We were due to move back in during late April, the completion date is now looking closer the mid/late July.


As I said previously this is the first time I have done this so didn't think the project would need to be almost complete before any further money was released to me, I was on the understanding it would be released in stages.


Any help or advice as to how to handle this situation would really be appreciated


Thank you in advance

bris

When I built my house 16 years ago the bank only released finds when stages were complete and the builder got paid od stage completion, not in advance.


There are builders out there who work that way, you might have to find one now if the current builder won't.


The banks tend to be a bit worried handing over 50k only to see the builder disappear off to the Bahamas for a year or two on that 50k.


Your architect will have a list of recommended builders, see what he says.