mortgage offer-special requirements based on valuation report- ?? retention??

moonwolf_3

hi there, we hae recieved our mortgage offer and re a bit confused by the mortgage offer "special requirements" ive never heard of this before

"your loan has been agreed subject to the special requirements in the final part of your offer being satisfied."

special requirements
your attention is drawn to the matters the valuer considers to be essential which require specialist investigation, reports , estimates. we do not require to see these reports, but it is condition of this offer of loan that you undertake to have the work completed within 3 months of completion. we strongly advise that you investigate the cost and extent of the work before proceeding.

the valuation report for the mortgage loan states:

Attention to the following matters are considered essential;-

1. instruct a qalified electrician to inspect the electriacal installation and carry out recommended works in accordence with electical and building regulations

2.overhaul chimney stack brickwork to leave secure and watertight

3. further investigate support for masonry over front sitting room window opening and strenghten if necessary

4. overhaul external joinery and redecorate where necessary


what does this mean, i assume this isnt a retention as such, ie the money isnt being withheld until the work is done, but that this work needs to be done within 3 months of completion??

thing is we have had roofer/builders round to look at the supposedly "seriously defective roof" that surveyor picked up ( it wasnt by the way!:rolleyes:) and they said the chimney was ok.


it this saying that we need to have also redecorated the external paint work within 3 months of completion? .. weird stipulation, the woodworks is in good condition and paintwork is just flaky, surely this shouldnt be a condition of the loan?

what will happen , will the valuer come back after 3mnths and see if work has been carried out?

what if for points 1-3, no work is necessary, will they need to see reports to say so?

confused**

PasturesNew

moonwolf wrote: »

"your loan has been agreed subject to the special requirements in the final part of your offer being satisfied."

We can lend you the money, but there's stuff you have to do.

moonwolf wrote: »

special requirements
your attention is drawn to the matters the valuer considers to be essential which require specialist investigation, reports , estimates. we do not require to see these reports, but it is condition of this offer of loan that you undertake to have the work completed within 3 months of completion. we strongly advise that you investigate the cost and extent of the work before proceeding.

You have to get the specialists to look/quote - AND -you have to have had the work done within 3 months of your completion date (the day the property is legally yours)

moonwolf wrote: »

Attention to the following matters are considered essential;-

1. instruct a qalified electrician to inspect the electriacal installation and carry out recommended works in accordence with electical and building regulations

Are the electrics safe? If not, get it fixed

moonwolf wrote: »

2.overhaul chimney stack brickwork to leave secure and watertight

Chimney looks a bit dodgy, does it need repointing/other so it doesn't fall down, through the roof, potentially killing somebody

moonwolf wrote: »

3. further investigate support for masonry over front sitting room window opening and strenghten if necessary

The front windows look like they might not be supporting all that heavy brickwork above them - maybe a load-bearing window frame was removed and new DG fitted? Or maybe it's cracked over the lintel... but it looks a bit dodgy, so check it. This could potentially be a structural issue.

moonwolf wrote: »

4. overhaul external joinery and redecorate where necessary

That all looks rough, paint and fix it so it's shiny

moonwolf wrote: »

what does this mean, i assume this isnt a retention as such, ie the money isnt being withheld until the work is done, but that this work needs to be done within 3 months of completion??

thing is we have had roofer/builders round to look at the supposedly "seriously defective roof" that surveyor picked up ( it wasnt by the way!:rolleyes:) and they said the chimney was ok.


it this saying that we need to have also redecorated the external paint work within 3 months of completion? .. weird stipulation, the woodworks is in good condition and paintwork is just flaky, surely this shouldnt be a condition of the loan?

what will happen , will the valuer come back after 3mnths and see if work has been carried out?

what if for points 1-3, no work is necessary, will they need to see reports to say so?

confused**

You are right that it doesn't mention (there) a retention, so ask your mortgage advisor what he makes of it.

They probably wouldn't be back to look/check - but - if you DIDN'T do the work then they could withdraw the mortgage at any future point and say you broke the terms .... in which case you'd be looking at having to suddenly find a new mortgage. People do have mortgages withdrawn at a later stage for all sorts of reasons and so you never know.

Some of the items are quite important/life threatening if the worst turns out to be the case. e.g. the electrics could set fire to the house and you could die; the chimney could fall through the roof in a windy storm and kill you in your bed; the front of the house could fall out and bury you under the rubble .... OK, unlikely, but possible.