Stage Payments and Engineers

[deanwood]

Hi,

I recently bought a house in Co Cork and I have paid 150k already and the builder is looking for 60k more now I spoke to the builder last week (very nice guy) murnane and o Shea and he said he will be looking for the 60k but that it probably take a few weeks to organise but my solictor of course wants to get it straight away (my hunch he will put it in his bank account and get the interest) I'm just wondering how long does it take to organise a payment from the bank. also the bank needs a engineer to sign of on it (its for the plastering) does anyone know a good engineer and any idea how much it will cost?

 

[Hel_n]

If this is in a housing development (as opposed to a once-off self build) the bank usually just require a letter from a valuer stating the stage of construction and the present value of the property, this costs €50 - €65. You probably got a valuer to carry out a valuation when applying for your mortgage so they can do this interim valuation for you also.

After sending this into the bank (assuming they have all other documents i.e insurances & request from solicitor), it should only take 3-4 days before they release the cheque to your solicitor.