Will bank check if we have fulfilled special conditions on mortage?

upsizer

Hi

We moved into our new home three months ago. Our mortgage offer came with special conditions which were: to implement the findings of damp report and to remove or repair an old brick outbuilding. We were given six months in which to do this and told to retain receipts/guarantees for the work.

The damp work is to a very small area of the house and isn't urgent - the walls have been recently redecorated and it seems a shame to have them damaged by the work! The outbuilding is a bigger job which has a knock on effect for the rest of the outdoor area, so again we don't want to rush in and do it.

Question is, are the bank likely to check if the work has been done in the timeframe?

Thrugelmir

Did your lender make a retention for the works?

While you may have decorated. The damp will soon negate your hard work. So covering it up is only kidding yourself.

Dave_the_Ginger_Cat

They may check

As well as the point Thrugelmir makes, it may invalidate your buildings insurance if you fail to comply with conditions of your mortgage. Further, it's a breach of your agreement with them and they have the option to invoke penalties as laid out in their contract with you. I've never seen a reposession order for breaches of this nature, but I have seen preferential rates removed for contractual breaches.

You've invested a number of thousands in the property already, I would recommend you invest in their recommendations in the timeframe suggested.

upsizer

Hi Thrugelmir

No, no retention. Also, the house was already freshly decorated, we wouldn't have done it otherwise without getting the damp issue sorted. It's basically one corner of the living room near the front wall. It's an old victorian terrace.

upsizer

Good advice Dave.

We do intend to get the work done, but one of the other reasons we're holding off is that we've just been hit with needing a new boiler, so the money which we could have spent on the damp/outbuilding will now have to be diverted to the boiler fund.