Mortgage Retention Advice Please

kingstreet

As you appear to want to approach this the correct way, have your inspection and report carried out before you make an offer and before you think about agreeing a price and applying for a mortgage.

On the off chance that it comes back worse than you expect, you'll have limited your expense to the cost of the report and won't have forked out for another valuation/survey.

BessieandBertie

Hi

Just one last question. If a valuer goes out and puts a retention on a mortgage but subsequent surveys prove this not to be necessary does the retention ever get lifted in anyone's experience or once there is a retention put on a mortgage is that it?

Many thanks

kingstreet

If the requested reports indicate the essential repairs will cost less than the surveyor's guess, the retention may be reduced.

If there are no essential repairs, or the cost is minimal, the retention will be lifted altogether.

On the off chance I've misunderstood the question, every valuation carried out by a chartered surveyor can be different. If you apply and a surveyor goes out and recommends there are no essential repairs, there won't be any retention. Chances are if the same surveyor goes out for your valuation as went for the last one, the report will be very similar, if not exactly the same.