Is it worth having a £300 retention?

Sheep

I am currently going through a remortgage application with Natwest and the LTV came back bang on 85% which is what i needed however the surveyor asked for a Damp and Timber report. A PCA surveyor came out today and said he was shocked they asked for a D/T report as the house was in good condition. He did the report which said there was low evidence of damp and timber was fine. He recommended 2 small things which all in all he said should expect to pay £300 + vat.

How do mortgage lenders/surveyors usually go forward with something like this? Will they say its only £300 of work so we can go ahead or will they say they cannot lend till the 300 work has been completed.

Confused:(

kingstreet

Send in the report. The retention will probably be lifted and the work made a condition, rather than a retention.

You'll then be able to get it done at your leisure - or not at all as it's unlikely to be followed-up.

Sheep

Thanks Kingstreet. Emailed this yesterday afternoon and received a phonecall today to state the mortgage offer will be posted out today. The massive weight off your shoulders when you get that call!!

kingstreet

Aye. It's a bit of a PITA actually.

Surveyor scares the living c*ap out of the client by suggesting there's £10k of work needed and when you get the reports done it's only £500 worth and no real problems.

I wish they'd leave the figures off the valuation until they get the specialist report they request.