Coventry Building Society mortgage valuation & retention on unessential repairs

rode_tulpen

We're currently trying to buy a house and getting the mortgage through Coventry Building Society (with the lack of help from London & Country mortgage brokers).

They sent a valuer round to the property to do a valuation on the house and he came back with a few points about damp and timber insects.

However, the valuation summary says:
"Essential Repairs: NO"
Market Valuation: in present condition: £164000
Market Valuation when Essential Repairs are carried out: £165000
Retention: £1000

Can anyone explain why there has been a £1000 retention for work which has not been deemed necessary, and which we have been forced to get timber and damp reports on (the house is getting renovated anyway, so it's irrelevant) if it's not essential?

Coventry are adamant they are not budging until they've had the reports and London & Country didn't mention **** all about reports, only to renegotiate the purchase price so we are now 3 weeks later and only able to get a report done next week, cos the damp people are so busy.

If anyone can explain this, I would be very grateful as it's getting very muddled up at the moment...

minimike2

It might not be essential now, but they probably deem it to be a risk if the work is not done - i.e it will become essential.

If it's damp / timber problems then I see nothing usual about it.