Building Houses; Self-build method
Building a House by the self-build method is a complicated financial and legal process, and it is very important that you engage a solicitor in the early stages.
What you should do when building using the self-build method
The stress of Building a House by the self-build method can be reduced if you:
- Engage an Architect and a Solicitor as early as possible
- Prepare a detailed Budget for the works to be carried out, with the help of the architect/engineer who will prepare a detailed costing of the construction
- In Ireland, most bank loans are issued in stages, on foot of special certificates called Stage Payment Certificates. Ensure that your architect/engineer issues you stage payment certificates at regular intervals and without delay e.g. Engineer budgets that the construction of a house will cost €300,000. At the foundation level of the house, the engineer considers that €20,000 will be required to complete this level of construction. Engineer prepares stage payment certificate of €20,000. Solicitor or Engineer forwards this certificate to bank. Solicitor requests stage payment of €20,000 to cover this.
- If you are using the stage payments system to draw down monies, never depend on the final stage payment as part of the funds required to finish the house. Banks will not allow the release of the final stage payment by your solicitor until the construction of the property is completed, i.e. the supervising architect/engineer has issued a certificate of compliance with planning permission and building regulations.
Seeking Property Law Advice
For further information, please contact Malcomson Law by calling 01 8744422 or by filling out an Online Enquiry Form.