Mortgage agreed....but some 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

Dave_the_Ginger_Cat

They are fairly normal, but for the lender to suggest a retention indicates that the works are reasonably serious. There is a more serious level, where they ask for these to be done before completion.


I think 1, 2 and 5 are those which are driving the retention - they are suggesting inspection and remedial works rather than 3 & 4 which look to be standard safety items. And I think the damp and woodworm is at the top of the list for a reason - most expensive and can cause no end of damage


It's unlikely you'd need a new survey - typically copies of the reports plus proof you've had them done to a satisfactory standard will sort it.