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Generally speaking, most people require a mortgage for
a construction project. The Lender
will require that these funds be released on the authority of a certified
Engineer.
Stage Payment Certificates are interim valuations carried out at
various stages throughout the construction phase.
All Banks, Mortgage
Lenders and Funding Agencies require this certification to ensure that the work
complies with planning permission and building regulations. Funds will be
released to the clients on receipt of Stage Payment Certificates.
This
amount is then broken down into payments (usually around 4 or 5), an inspection
must be carried out prior to the stage payment being issued.
If the
structure to that point is built in accordance with Regulations an Interim
Payment Certificate (Stage Payment) may be issued.
These certificates are
issued by the relevant lender and completed by Archer Consulting.
In our
experience, the builder will contact the Client for funds. The Client will then
request an inspection by Archer Consulting.
The person(s) building the
property must advise our office at each Stage Payment.
The Solicitor acting
for the Client together with the Lending Agency will be advised of the Stage
Payment and funding should be released to the Client within seven working
days.
The final amount is generally held until compliance certification is
issued.
Please Note:
Archer Consulting are not responsible for
inspections
on a daily basis. If either the Client or the Building
Contractor has any doubts or concerns regarding aspects of the work, they should
contact us at the first possible opportunity.
PROJECT
MANAGEMENT - Services available:
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• Area Development Plans
• Enterprise Potential
• Marketing Feasibility
• Management
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• Programme Management
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