Mortgage retention advised... help please

MAFERGAL

Just after some advice after getting the mortgage valuation report. Basically the valuer advised a retention of £1,550 for urgent works/repairs but then doesn't actually list any? In the 'urgent repairs for mortgage purposes' section it just says 'advise a specialist damp and timber report'.

I'm also confused because all paperwork we have received since shows that the loan value is still the full amount. Is this an oversight by the lender or are they just awaiting the report before they apply any retention? Has anyone else experienced this or can explain it to me?

The second point is with regards to the d&t report. If this does flag up any problems, will the lender want them sorted before they release any funds? I'm a bit unclear as to how all this works. Is a lender only concerned with 'essential works/repairs' or minor/preventative works as well?

In the past 12 months this is my 3rd attempt at a house purchase, the other 2 fell at the valuation stage being down valued and the sellers refused to reduce the price. I've spent about £6k so far with nothing to show and now I'm really worried about this d&t report and any extra money I may have to pay before I've secured and purchased the property.

Any help, advice, experience appreciated.

G_M

all paperwork we have received since shows that the loan value is still the full amount.

So you will get the full mortgage you want.... eventually!

the valuer advised a retention of £1,550 for urgent works/repairs

But you will not get it all at once - you'll get the amount requested less £1550 on Completion.

'advise a specialist damp and timber report'

.
You're right - normally the retention would specify specific work requred. This appears to be saying you need to get a D&T report and if it shows no damp/timber problems I assume they'll release the 1550 whereas if the report suggests work is needed, you'll need to do the work before getting the 1550 - but that's a guess.

tbs624

Make sure that you use an independent damp/timber surveyor, not one working for a firm who flogs damp/timber treatments.

You may find it interesting to google Jeff Howell's comments on potential damp/timber issues ( has building background writes books/newspaper columns on property matters)

MAFERGAL

Thanks for the replies so far. Think I've made a mistake as I've booked and paid for a report by a company called Timberwise who are not independent. Does anyone have any experience of them in this capacity? I'm now thinking they are going to gay work is needed even if it isn't.

Also can anyone answer my question as to what kind of problems my lender will want fixed before releasing funds etc (I'm using my mobile & am not technical enough to quote the relevant part), or share your experiences of what happened on receipt of a damp and timber report etc.

Thanks

G_M

They may find 'evidence' of woodworm ( ie holes in the wood. Of course, the chances are this will be historic worm, long since departed. It is very rare to find ACTIVE woodworm on older properties unless there is a serious damp problem (worm only like damp/fresh wood). They will then want £00s to spray for woodworm.

They may find 'evidence' of damp, using a 'damp' meter ( it does NOT measure damp. It measures electrical current which can be carried by ... water, yes, or many other materials found in walls!)

They will then wat to inject the walls with water repellant chemicals, or install a damp roof course or or... usually unnecessarily.

Ask Jeff.

MAFERGAL

G_M wrote: »

They may find 'evidence' of woodworm ( ie holes in the wood. Of course, the chances are this will be historic worm, long since departed. It is very rare to find ACTIVE woodworm on older properties unless there is a serious damp problem (worm only like damp/fresh wood). They will then want £00s to spray for woodworm.

They may find 'evidence' of damp, using a 'damp' meter ( it does NOT measure damp. It measures electrical current which can be carried by ... water, yes, or many other materials found in walls!)

They will then wat to inject the walls with water repellant chemicals, or install a damp roof course or or... usually unnecessarily.

If this is the case, would this affect my mortgage offer? I.e. would they want the walls injected and 'woodworm' treated before releasing any money or are they wise to this kind of surveying/report and just want to see the report?

G_M

MAFERGAL wrote: »

If this is the case, would this affect my mortgage offer? I.e. would they want the walls injected and 'woodworm' treated before releasing any money or are they wise to this kind of surveying/report and just want to see the report?

See my answer in post number 2!

MAFERGAL

Ok, got you. I just read that back and putting them together it does make sense:D Thanks for making it a little clearer for me!

tbs624

Maffergirl - you may find it helpful to read up here and here

kingstreet

You have a suggested retention. The actual amount will be based on the cost of any remedial works (if any) set out in the timber and damp report you need to obtain and send to the surveyor.

Get an independent surveyor, not a firm which does the work providing so-called free reports and estimates.

http://www.independentdampsurveyors.co.uk/

Many lenders set their minimum retention at £2,000 so works costing less than that could merely be made a condition, rather than retention issue.

MAFERGAL

Thanks for the replies, they've really helped make things clearer for me :j