Retention query

Slayerx

I have been told due to 1k worth of work that needs doing the lender has placed a retention on the mortgage.

Am I right to think even if the purchase price was dropped the retention remains the same as the purchase price would not effect the amount of work needed to be done?

I'm trying to get the vendor to resolve some of the work before paying for searches but she is reluctant in case I decide not to buy.

I've explained that isn't my intention and she really has nothing to lose as she would still own the property.

If she doesn't do the work I would have to find 1k extra to send with my deposit on exchange of contracts.

ACG

She has nothing to lose as it could well be a problem for anyone buying the house.

But yes if you reduced the purchase price by £1k you would still need to find that £1k.

Slayerx

Thanks just hard as I don't have direct contact with the vendor to convince her of this.

ACG

I hope you know where she lives :P (Thats only funny if she lives in the property your buying).

Slayerx

I have her address from the land registry search guess it wouldn't be hard to track down a number.

Wouldn't want to do anything to jeopardise the purchase.