Hi,
I'm building with CH and I had a driveway and fencing allowance included in the contract. It clearly states that it is to be credit back later to me.
Now my broker has received the valuation from the valuer, excluding this allowance. In the valuation they've deducted the allowance to calculate the contract sum and has given the valuation for the rest. The good new is contract is not under valued for the contract sum excluding driveway and fencing allowance.
But now I'm puzzled whether the bank is going to fund for the driveway and fencing which is included in the contract as an allowance but not in the valuation.
Anyone else has come across this situation??
I'm not sure how this scenario works. My broker reckons i'll have to fund for this with cash in hand as it was excluded from the contract in the valuation. Is that true?
Any thoughts from anyone who had similar experience are highly appreciated.
thanks
D