Hello and help please.
So i have thought i had decided on a builder for my renovation and extension project however having reviewed the contract now I am concerned about a few things a few things:
- Approximate quotation for the project is £230K they want 30% deposit to secure materials etc.. is this not unusually high? From i have gathered, 10-15% should be sufficient deposit.
- After deposit, builder wants weekly payments for the rest till project completes. Again, this worries me as I would expect payment to be linked to completed milestones. If there is no progress for a particular week for whatever reason I would still have to make payment which doesn't seem right.
- Teh rectification period is only 3months. I would have expected this to be about 12months. It is a big project adding a first floor extension, ground floor rear + side extension and a full house renovation.
- Rerension is 2.5% payable after 3months; i would have expected something more like 5% payable after 12months.
- His public liability insurance is £2M however, contract work is only insured up to £100K. This i really do not understand, shouldn't the contract work be insured at least the total contract value of £230K although my personal preference would have been the full reinstatement value of my house.
- Hired plant is also not covered so if any equipment hired for the project is damaged who covers this?
Are these valid concerns or am I over thinking this and ths is all normal /standard practice?
Should I discuss these with my builder or just disn another one ?
Thank you for taking the time to read.