Stage Payments - How do I draw down for myself?

[househunter0]

Hi All

I have setup a mortgage with Ulster Bank for a new property which I bought a couple of months ago. Three stage payments have been requested by the builders solicitor and have been drawn down. There is 1, possibly 2, more left to draw down.

Part of the house deal was that we get an allowance for the kitchen, tiling, fireplace. We are also putting in our own bathroom set and our own heating system. So, in short, there is the bones of €10k owed to us. The builder told us initially that this money will be "taken off the price of the house". However, I'm wondering in reality how this works. Will they just draw down less money in the last stage payment and can we then draw down what's left and what's owing to us or is it not that simple? I'd appreciate any feedback.

 

[scuby]

well what happened with me was something similar, kitchen allowance and built in wardrobe, for us... say the final stage payment that u owed the builder was 15,000, and the allowance was 5,000 for the tilling, kitchen etc, the solicitor will draw down the remaining 15 from the bank, pay the builder his 10,000 and give u back the 5,000, less his fees....

 

[househunter0]

Thanks for the info scuby.