Mortgage Agreed...but money being held back?

MelanieR77

Good Morning,

We have had a mortgage agreed however following the valuation we have been told that £10,000 is being kept back (retained) until the following have been done:-

1. Damp and Timber Inspection regarding dampness and condition of sub floor and roof voids regarding high damp levels and active woodworm

2. Qualified electrican to inspect electrical installation and recommend works

3. Gas safe enginerr to inspect all gas pipework, flues and fixed appliances

4. Heating engineer to inspect heating and plumbling systems

5. Repair/rebuild defective chinmey stack

Are these normal requests?

We haven't bought the property as yet and were plannnig on doing the works anyway. However are we expected to carry out absolutely everything a gas/electrician recommends? Or just to ensure its to a safe standard as it is if that makes sense? Its an oldish property but had a relatively new boiler in and radiators etc.

What do we need to do to have the £10,000 then released? Do we have to pay for another survey or will the invoices and certificates be sufficient from the workmen?

Thank you

Beckyy

I wouldn't say they were abnormal requests if the house has problems.

I'm pretty sure the exact details will vary from lender to lender so the only way you're going to get an accurate answer you can rely on is to give them a call and ask.

I would imagine if there is x, y and z the electrician says the property needs to be safe then yes you would need to do it all. Doing what they recommend and 'getting it to a safe standard' are likely to be one and the same.

Thrugelmir

MelanieR77 wrote: »

Are these normal requests?

If recommended/required by the surveyor then yes.

amnblog

Hi Melanie


You need to make sure you can afford to complete the purchase without that extra £10,000 coming in.


What the lender needs to prove completion of works and release the retention depends on the details of each case and you should speak to your lender (or broker) to establish likely requirements and costs for your situation.