1. How do staged payments work for self build projects?
Advances may be released in stage payments as agreed with the local branch. The first stage payment may only be released when the stage of construction has at least reached the stage where the foundations have been laid.
The Society will require a copy of the valuer’s stage inspection report prior to release of any agreed stage payment. Prior to release of the final stage payment we will also require a copy of the Professional Consultant’s final certificate, in our required wording.