These stages are generally:
• Deposit
• Base (i.e. when the concrete slab is laid)
• Frame (i.e. when the framework or walls are up)
• Lockup (i.e. when the roof, door and windows are in place)
• Fixing (i.e. when the house has been fitted out with appliances)
• Practical Completion (i.e. the house has been completed and is ready for occupation)

The lender uses an independent valuer to monitor the construction process. This is to ensure that before payment is released to the builder that the work has been carried out in accordance with the contract.