Stage Payment Mortgages for self build
The stage payment mortgage has a longer life span, from the issue of the letter of offer to the certification of title to the lending institution, than a standard mortgage on a house purchase. The logic behind the stage payment mortgage is that you draw down funds only when you need them and so making repayments only on what has been drawn down rather that the entire principal sum. Accordingly the relationship between home builder and conveyancing solicitor develops over a longer period of time. It is at a considerable advantage that the conveyancing solicitor has practical experience of the self build process, as well as the mortgage process, as the case with Kelly Law Solicitors.
Mortgages for self builds are drawn down in tranches and for each tranche payment you will need to be in contact with your conveyancing solicitor. When you reach certain stages in the self build your engineer will issue your conveyancing solicitor with a stage payment certificate. This certificate will indicate to the lending institution what stage the build is at and the current value of the property to date. Your conveyancing solicitor will then make the request to the lending institution for drawdown of the sum indicated by the engineer to bring the build to the next stage.
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* See www.landregistry.ie for a detailed breakdown of Land Registry fees.