Another mortgage retention question

BookLover_4

Another question I'm afraid. We've just had the damp & timber report for the house we're buying and it quotes approx. £7500 for damp work and wall tie tie replacement (and yes there really is damp). Our mortgage advisor has said it is likely the mortgage company will place a retention on the offer because of the works required.

How does it usually work in practice if we can get the sellers to pay all or a proportion of repairs - is it normal to get this done prior to completion so the mortgage company lift the retention? Is this a job for our soliciors? The property is currently empty and being sold as part of the owner's estate to be shared between the children. If the vendors lowered the price to reflect the price of the work we couldn't afford to procede because we'd still have to find the money to cover the retention so we really need the work to be done instead.

Any advice would be much appreciated - mortgage advisor is on holiday for next couple of weeks so I can't harrass him with this!

holly_hobby

The retention will come off the agreed purchase price in respect of essential works.

In such cases, I always encouraged the purchases to have the vendors carry out the works, with re-inspection and the removal of the retention upon satisfactory completion of the works, with standard ins backed gtes as appropriate. (essential in respect of DPC works).

Have a chat with the est agt, as this will come up on any other survey, and the vendors/purchasers will still face the retention - so there is little to be gained by them refusing to negotiate on the subject.

Hope this helps

Holly