Retention of Monies

scrivomcdivo

My mortgage lender is retaining £2000 pending remedial work being completed once we've moved in. I am just wondering what proof they require to say the work has been complete before they'll release the retained money? Do I have to get another survey done?

I'm going with Nationwide BTW

Noz

Typically invoices from the work completed

kenshaz

What is the actual remedial work ,would it require confirmation from a surveyor,I would ask them what evidence they require.
It is in your interest as well as theirs that the work is completed to a satisfactory standard.

Sorry just seen your signature ,surveyors report,if I was Nationwide ,I would want the surveyor back.

HelpWhereIcan

The Nationwide is likely to hold the retention until they get confirmation that the required works have been carried out satisfatorily.

Whether they will want a surveyor to reinspect the property to confirm this is normally down to the type of works and the value.

In most cases, work that totals £2000 should be satisfied on production of invoice stating that the work has been done, providing that the contractor is either one they recognise or one that is suitably accredited (depending on what the works are). A lender will sometimes pass the invoice to the surveyor who reccommended the retention in the first place to check.

The only way you will know for sure is to ask your broker/solicitors to check with nationwide, but I would suspect that a contractor's invoice should be all they need.

Hope this helps