Self Build Frequently Asked Questions
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Taking on a self-build or renovation project for the first time can be a daunting and confusing experience. There are lots of things you need to consider before you get started.
We have compiled a list of the most frequently asked questions about self-build and renovation projects received by our senior underwriters. If you can't find the answer you need here, you can submit your own question using our online form.
Q. When does a self-build property need to be inspected?A. We need the self-build property to be inspected at 3 stages:
Foundation level
Wind and water tight
Final completion
A fee of £55 will be charged for each stage release inspection.
A. We require certification through the NHBC, Premier Guarantee or professionally qualified Architects or Surveyors with suitable indemnity cover. For further details see section 6.6 of our lenders handbook at www.cml.org.uk.
Q. Do you lend on land?A. Yes we can lend on land up to 75% loan to value as long as you have all the necessary planning and building permissions in place.
Q. Do you lend on properties of unusual construction?A. We will consider them. Our underwriters will be able to discuss individual cases directly with you. However, we will not consider properties made from precast concrete, prefabricated homes, steel frame properties and Concrete-Cornish style properties.
Q. You hear about cowboy builders running off with people's life savings all the time. How do you find a reputable company?A. Word of mouth always helps, and your architect should also be able to come up with a few ideas. Other resources include trade associations such as the Chartered Institute of Building (CIOB), your local authority and business directories such as Yellow Pages - but don't necessarily believe what you read in the ads. Always make sure you get the address and telephone number of the headquarters or office.
Q. If I decide to sell my completed property, will I be charged tax on any profits I make?A. You can sell on a self-build property without paying Capital Gains Tax providing it's been your main residence for a qualifying period. Always seek independent tax advice.
Q. I need to get planning permission before I start building on my land. How can I make this process as pain-free as possible?A. Local planning officers like to know that your project will fit with the look and feel of the local area. You can avoid any potential issues by contacting the local planning authority and asking them a few questions to establish what they would (and wouldn't) approve of. Doing this at the start of the design stage could save you valuable time and money!
