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Mortgage company insist on works being done before funds are released
gavinh1175
Posts: 76 Forumite
Survey on our house picked up damp - buyer's mortgage company will not release the mortgage funds until the works have been done.
Anyone come across this before?
Anyone come across this before?
0
Comments
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Its perfectly normal practice not to release funds until any work required is done . Once the damp has been rectified it should be straight forward .Never tell .0
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Retentions are standard practice. Encouarages the buyer to get the work done promptly.0
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Buyer has instructed damp firm to do the works next week. Who is going to pay for it if the Contract has not by then been exchanged?
Buyer asked us to reduce the sale price to reflect the works, which we agreed to.0 -
"Buyer has instructed...."
Nowt to do with you; he pays, he then buys your house for less.0
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