Flat renovation as FTB: any advice welcome!

Emmia

lb00 said:

@FreeBear @Emmia thanks so much for your replies.

Does this schedule of payments seem reasonable to you?
Payment terms:
20% deposit on acceptance of quote.
1st interim payment 30%
2nd interim payment 30%
3rd interim payment 10%
Balance payment of 10% on completion

Should I ask for a retention? And should I opt for a FMB or JCT contract?

Thanks so much.

Before getting ahead of yourself you really do need freeholder permission.

lb00

Emmia said:

lb00 said:

@FreeBear @Emmia thanks so much for your replies.

Does this schedule of payments seem reasonable to you?
Payment terms:
20% deposit on acceptance of quote.
1st interim payment 30%
2nd interim payment 30%
3rd interim payment 10%
Balance payment of 10% on completion

Should I ask for a retention? And should I opt for a FMB or JCT contract?

Thanks so much.

Before getting ahead of yourself you really do need freeholder permission.

I've dropped moving the door. I've obtained consent for replacing the hard flooring providing details of the acoustic underlay I am going to use for the tiles. Everything else is cosmetic so we are all set.

Still wondering whether this schedule of payments seem reasonable to you?
Payment terms:
20% deposit on acceptance of quote.
1st interim payment 30%
2nd interim payment 30%
3rd interim payment 10%
Balance payment of 10% on completion

Should I ask for a retention? And should I opt for a FMB or JCT contract?

Thank you all very much indeed.

Albermarle

lb00 said:

Emmia said:

lb00 said:

@FreeBear @Emmia thanks so much for your replies.

Does this schedule of payments seem reasonable to you?
Payment terms:
20% deposit on acceptance of quote.
1st interim payment 30%
2nd interim payment 30%
3rd interim payment 10%
Balance payment of 10% on completion

Should I ask for a retention? And should I opt for a FMB or JCT contract?

Thanks so much.

Before getting ahead of yourself you really do need freeholder permission.

I've dropped moving the door. I've obtained consent for replacing the hard flooring providing details of the acoustic underlay I am going to use for the tiles. Everything else is cosmetic so we are all set.

Still wondering whether this schedule of payments seem reasonable to you?
Payment terms:
20% deposit on acceptance of quote.
1st interim payment 30%
2nd interim payment 30%
3rd interim payment 10%
Balance payment of 10% on completion

Should I ask for a retention? And should I opt for a FMB or JCT contract?

Thank you all very much indeed.

When I had major work done, I said I would pay the deposit when they actually turned up to start ( knowing that start delays are common ) . Otherwise spread out 5 X 20 %. 

lb00

Albermarle said:

lb00 said:

Emmia said:

lb00 said:

@FreeBear @Emmia thanks so much for your replies.

Does this schedule of payments seem reasonable to you?
Payment terms:
20% deposit on acceptance of quote.
1st interim payment 30%
2nd interim payment 30%
3rd interim payment 10%
Balance payment of 10% on completion

Should I ask for a retention? And should I opt for a FMB or JCT contract?

Thanks so much.

Before getting ahead of yourself you really do need freeholder permission.

I've dropped moving the door. I've obtained consent for replacing the hard flooring providing details of the acoustic underlay I am going to use for the tiles. Everything else is cosmetic so we are all set.

Still wondering whether this schedule of payments seem reasonable to you?
Payment terms:
20% deposit on acceptance of quote.
1st interim payment 30%
2nd interim payment 30%
3rd interim payment 10%
Balance payment of 10% on completion

Should I ask for a retention? And should I opt for a FMB or JCT contract?

Thank you all very much indeed.

When I had major work done, I said I would pay the deposit when they actually turned up to start ( knowing that start delays are common ) . Otherwise spread out 5 X 20 %. 

Thank you I will try to agree to this then breaking down the project into clear stages.

Would you suggest also having a 5% retention in place? And how common is it to have some penalty clauses in case of delays?

gzoom

We didn't pay a penny to our builders till about a month into the project. We still have a fair amount of work left and on his own advice to us, we aren't paying him any more till the house is 100% done and all the snagging done. We also never bothered with a formal contract, nor have I asked for any material invoices (though the builder have offered them to me).

Trust is the most important thing.......We were/are lucky by working with a trustworthy builder, but he also trusts us that we'll pay when asked. 

Good luck.

lb00

Thank you all for your valuable feedback!

We’ve finalized the price and start date with our builder, and we’ll be paying for materials upon receipt. I’ve also asked him to prepare a list of materials he’ll be purchasing, which we’ll pay on receipt. Here’s what’s on the list so far:

• Adhesive

• Paint

• Wood

• Plasterboard

• Plumbing fittings

• Grout

• Silicone

• Screws

Can anyone give me a rough idea of how much the materials above might cost? The flat is about 73 square meters, and we’re planning to replace all the flooring and renovate the two bathrooms - we will source tiles and sanitary ware ourselves.

FreeBear

lb00 said: Can anyone give me a rough idea of how much the materials above might cost? The flat is about 73 square meters, and we’re planning to replace all the flooring and renovate the two bathrooms - we will source tiles and sanitary ware ourselves.

It really depends on the amount of materials required. A sheet of plasterboard is less than £10. A bit of wood could be as little as £5 or as much as £5000 depending on size & species (exotic hardwoods, very expensive).

tmatthews2

In reply to point 4. dependant on the current condition of the old kitchen, there are companies around that specialise in respraying kitchens. From my experience this is far cheaper and the reults are very good.