Hopefully your builder and your alteration have not caused too many sleepless nights for you, and you are both in the right frame of mind to sort out the final finances.
If you have both been keeping a check on things as the work has proceeded, the final account and its settlement should be a piece of cake. You will hopefully have recorded in writing any changes to the original quote as you went along, and no extra work will have been done unless the price was agreed first.
But life is never easy, so I suspect there will be a few issues to sort out before all is done and dusted.
This is really the time when fair play from both sides is needed.
If the builder has delivered what he promised, then he must be paid what was agreed. I so often hear stories of the builder getting the short end of the stick because he is desperate for money. Conversely, there are builders out there who will take every opportunity to try to over-recover for what they have done.
If you’ve used an architect or quantity surveyor, it is their responsibility to prepare the final account with the builder. If you have signed a contract, then the process is laid out in most contract documentation, but let’s get a brief overview of what should happen.
On practical completion of the works, 50 percent of the retention being held should be released to the builder, with the other 50 percent being released after an agreed period, usually three months, if all the snags have been completed and there are no further problems. So when the work is finished, ask the builder for his final account, and agree on a period, say two weeks, for the amount to be paid.
Agree this in writing and say no further claims will be entertained after this date.
Study the document presented by the builder and, if you think it is fair and reasonable, pay it within the stipulated period. If there are items you are not happy with, ask for clarification, but pay for what you are satisfied with in the interim.
You are entitled to ask for any supporting documents to substantiate claims for extras, including time sheets, copies of invoices and delivery notes.
If you see trouble ahead, call in a neutral party to help mediate quickly. We have not looked at penalties for late completion or claims r extensions of time by the builder. These are set out in the contract documents. - Weekend Argus