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Retaining part of a mortgage before a defect is identified?
angechica
Posts: 3 Newbie
We found out yesterday our buyers have had £5,000 of their mortgage retained til further reports on wiring, and structure of chimney and walls of our house are in. I find this confusing as they only had a valuation survey done. Plus we have modern wiring, we have no wall ties, we have no visual probs structurally, amazingly we don't have any damp or cracks! Our house is c. 110 years old and I wondered if anyone knew if this was perhaps a new standard practice now for older properties? I have heard of retentions but I thought they only happened if there was a known defect identified! Many thanks for any advice anyone can give on this matter. I would be heartbroken if this put our buyers off as we had been trying to sell our house for several years before this offer!
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Comments
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I'm more amazed that anybody would be willing to buy a 110 year old house with nothing more than a valuation survey.
Perhaps the valuation survey through something up along the lines of "this house is old, further surveys are recommended" and your buyers decided not to bother?0 -
It's only a suggested retention until the surveyor gets the reports and estimates and assesses them.
Once the true cost is known, the retention can be increased, reduced or removed altogether.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 -
Reports have gone to surveyor. No defects identified so hopefully it will be removed ASAP! Thanks.0
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