Hi guys,
My partner and I are first home builders about to sign contracts and begin building before the end of the year.
Our land doesnt settle until next month, but our builder is pushing for us to sign contracts with a provisional sum for site costs and another estimated sum for flooring, which has not been locked in due to a supplier change at their end.
My questions is - will provisional sums or missing amounts affect the valuation or approval of our mortgage? can this lead to a nasty surprise at the last progress payment for post variation charges?
My boyfriend is taking this in his stride - but I'm freaking out a little! Can a contract be deemed void if it doesnt outline all costs or can a bank refuse to accept this?
Thanks in advance for your advice!