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Mortgage Retention confusion
Pandilex
Posts: 410 Forumite
So today I heard my mortgage has been approved (just waiting for full details to come through) and they said the house is ok except there is a crack at the back which the surveyor recommends a £5000 retention, but the crack is neither progressive nor in need of essential work.
I thought retentions were for serious fixable issues.
Does this mean I have to pony up £5000 in the short term? That's a bit nasty. How would I even fix something that isn't a problem like this? Or does it just mean I have to get a more in depth survey done to make the bank happy?
I thought retentions were for serious fixable issues.
Does this mean I have to pony up £5000 in the short term? That's a bit nasty. How would I even fix something that isn't a problem like this? Or does it just mean I have to get a more in depth survey done to make the bank happy?
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Comments
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It is currently a suggested retention.
What additional information does the mortgage report and valuation ask for?
If it asks for a structural engineer's report, you obtain that and if the outcome is nothing is required, the suggested retention will be lifted.
If some work is required, the retention will normally be the cost of the required repairs.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Cheers, haven't got the official paperwork yet, seems I misunderstood and the retention was only a suggestion but was not put in place. Phew!
Do you happen to know how much a full structural costs? Been quoted £750+VAT by the estate agents for their inhouse one.0 -
A lot less than that!
http://www.findanengineer.com/
Choose "Surveying: Domestic Property" from the dropdown.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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