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Advice on Mortgage Retention
bilb27_2
Posts: 43 Forumite
Hi guys,
After some advice if thats ok. Long story but try to keep short.
Originally due to buy house in July 2010 but house was owned by three trustees. One dragged heels so had to pull out week before completion and get rental so I didnt lose my sale.
4 weeks ago they came back and asked if we where interested still. Went to have another look and the trustee we met couldnt be more sorry. Went back in and agreed fee £2500 less than previously on understanding that I receive letters signed by all trustrees that they agree to sale.
Problem is we had all searches and surveys done and never realised (Stupid I Know) that a £10,000 retention had been placed on my offer on recommendation of the Surveyor. Have now had 3 inspection carried out and minor works are working out at £4200.
Minor works are ventilation tiles to roof, dampcourse renewal in Kitchen and plaster work and minor electrical works. My problem is that I know that the seller will not be willing to pay for any of the works. They think we are already robbing them blind by getting it so cheap.
My thoughts are that they would have to pay as the survey has picked these things up and will be picked up if any other survey is done but am seriously worried by the outcome.
My mortage advisor has sent the reports to our lender who is forwarding to the surveyor for comments. Do you think the retention will be reduced or removed completely.
We really want the house but dont know what to expect. any advice or thoughts would be appreciated.
After some advice if thats ok. Long story but try to keep short.
Originally due to buy house in July 2010 but house was owned by three trustees. One dragged heels so had to pull out week before completion and get rental so I didnt lose my sale.
4 weeks ago they came back and asked if we where interested still. Went to have another look and the trustee we met couldnt be more sorry. Went back in and agreed fee £2500 less than previously on understanding that I receive letters signed by all trustrees that they agree to sale.
Problem is we had all searches and surveys done and never realised (Stupid I Know) that a £10,000 retention had been placed on my offer on recommendation of the Surveyor. Have now had 3 inspection carried out and minor works are working out at £4200.
Minor works are ventilation tiles to roof, dampcourse renewal in Kitchen and plaster work and minor electrical works. My problem is that I know that the seller will not be willing to pay for any of the works. They think we are already robbing them blind by getting it so cheap.
My thoughts are that they would have to pay as the survey has picked these things up and will be picked up if any other survey is done but am seriously worried by the outcome.
My mortage advisor has sent the reports to our lender who is forwarding to the surveyor for comments. Do you think the retention will be reduced or removed completely.
We really want the house but dont know what to expect. any advice or thoughts would be appreciated.
0
Comments
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show them the report and tell them that your offer was subject to the report...its your money at the endf of the day,,keep as much of it as you can.It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
My mortage advisor has sent the reports to our lender who is forwarding to the surveyor for comments. Do you think the retention will be reduced or removed completely.
Was it not the Lender who organised the survey in the first place? Why have you had 3 surveys done? Are you trying to pursuade the Lender the retention is unecessary?0
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