stage payments cheque releases very slow

M

mummol

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We're quiet lucky had a nice wad of equity from last house so we've been working away on self build with this.

BUT

Engineer send in application for stage payment nearly 2 weeks ago and the cheque still hasn't released. Rang our broker who advised us that cheque release on stage payments has slowed right up due to credit crunch. We might have it next week . . .

Ouch as by then we'll have to have paid the roofer!
 
Ring your solicitor and ask them to ring cheque issue dept of the lending institution to find out what is delaying cheque issue. The credit crunch is not affecting issuing of cheques only loan offers.
 
Could be that there is a delay in sortiing out the first one. Usually any problems are encountered in the first draw down and then they are always sticky on the last one.
I just finished a house recently and know that my bank made a bit of a balls up of nearly every drawdown. The branch forgot to fax head office to draw down on one and I waited 1 month for funds, (went down like a lead balloon).
My advice is to draw down about 2 weeks before you need it and you should be ok
 
No its not the first one, its the second but its taken longer then the first. AIB confirmed they got the cert 2 weeks ago so its not a paperwork issue. Its no an edginess problem (I hope_ as the mortage will be about 30% of house value (ha ha I know thats a bit of a loose term at the mo) and both of us work.

TBH we've enough to keep us going forward but there are alot of heavy heavy bills coming! (wind0ws platerer and roof).
 
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