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Can I take out a loan to purchase a plot of land?
We do receive requests to advance money secured against the plot
of land on which the property is to be built. As long as the land
has the benefit of a recently granted, detailed Planning and Building consent, then the Society may be prepared to advance up to 25% of the land value.
At what stages can the advance monies be released?
If possible, the Society would prefer to release its advance in
four equal stages, subject to re-inspection by the Society's Panel
Valuer, who will confirm to us that the work has indeed been carried out, and also carried out to a satisfactory standard. The four stages are normally
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Brickwork and partitions completed to first floor level, ground floor and first floor joists/window and door frames in.
- Brickwork and partitions completed, all remaining joists and
frames in the roof on and tiled or slated.
- Completion of plastering to all floors and drains laid.
- Complete and ready for occupation.
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However, we do appreciate that, by their nature, self build projects
will vary from one to another, so we are always prepared to listen
to suggestions to vary the stage releases (up to a maximum of six).
What type of certificate is required on completion?
Housing Associations (including Housing Trusts, Housing Societies
and Registered Social Landlords) should ideally provide an NHBC
Certificate or a Foundation 15 Certificate on completion. Alternatively an Architect's Certificate confirming that the property has been built to a satisfactory standard under his/her supervision should
be available.
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What is the maximum percentage I may borrow?
Once building is under way, the Society will release up to 75% of
the value of the stage reached.
Once the building has been completed, up to 90% of the finished
value may be available. However, because of the individual nature
of self-build projects the Society will consider each proposition
on its own merits.
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