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Mortgage Offer - another question.
whiteswan
Posts: 169 Forumite
Thanks for the quick response to my first question earlier re martgage fees.
I have just finished work and sat down to read the mortgage offer received this morning along with the Mortgage For Valuation purposes. (Abbey/Santander)
Lets start with the MFV report first.......- section 11 Repairs recommended as a condition of the mortgage - Instruct a specialist damp and timber report - recommended retention £2500.
So that to me would suggest that they will be holding back £2,500 until a survey/report has been done..........however...........
The Mortgage Offer is for the full amount - It states "I'm delighted to be able to offer you this loan £xxx,xxx" - reading all the sections I see no mention of retention in the actual offer......
PART B - of the mortgage offer is headed " Details Of Any conditions that need to be met before the completion of this offer "
Section 5 of Part B states "Pls red section 11 of the MFV which recommends works/repairs - We WONT ask to see estimates of works but recommend you obtain them. Please be aware that we WON'T be holding back any of the loan money for these works.
Now that seems to contradict what the MFV states is a recommended retention of £2,500 ???????
My solicitor and broker are closed now - I will ask them in the morning but thought I would ask on here - do I have a retention - or not in your opinion.
Yes I'm afraid I am one of those people who tends to read ALL the small print and clauses - hence tieing myself up sometimes !!
Also just found an email from my solicitor stating that the lease to the property I am buying is for 3 houses - and there are 3 underleases - does anybody have any idea if this complicates matters terribly - was hoping for exchange next week and completion week after.
BTW I have just instructed a damp/timber surveyor to inspect the property - he doesn't carry out remedial work - he is just a surveyor - just need vendor to grant access now.
Dave
I have just finished work and sat down to read the mortgage offer received this morning along with the Mortgage For Valuation purposes. (Abbey/Santander)
Lets start with the MFV report first.......- section 11 Repairs recommended as a condition of the mortgage - Instruct a specialist damp and timber report - recommended retention £2500.
So that to me would suggest that they will be holding back £2,500 until a survey/report has been done..........however...........
The Mortgage Offer is for the full amount - It states "I'm delighted to be able to offer you this loan £xxx,xxx" - reading all the sections I see no mention of retention in the actual offer......
PART B - of the mortgage offer is headed " Details Of Any conditions that need to be met before the completion of this offer "
Section 5 of Part B states "Pls red section 11 of the MFV which recommends works/repairs - We WONT ask to see estimates of works but recommend you obtain them. Please be aware that we WON'T be holding back any of the loan money for these works.
Now that seems to contradict what the MFV states is a recommended retention of £2,500 ???????
My solicitor and broker are closed now - I will ask them in the morning but thought I would ask on here - do I have a retention - or not in your opinion.
Yes I'm afraid I am one of those people who tends to read ALL the small print and clauses - hence tieing myself up sometimes !!
Also just found an email from my solicitor stating that the lease to the property I am buying is for 3 houses - and there are 3 underleases - does anybody have any idea if this complicates matters terribly - was hoping for exchange next week and completion week after.
BTW I have just instructed a damp/timber surveyor to inspect the property - he doesn't carry out remedial work - he is just a surveyor - just need vendor to grant access now.
Dave
0
Comments
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you cant do anything until the morning so ask your broker then.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I will...........just wondered if anybody had any input ?
I think as the LTV is approx 65 percent that they are not holding any monies back - but will still get the report done.
Dave0
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