Lender has placed a 'Retainer' on mortgage

hklad

Hi all

I've accepted an offer on my house and the buyer wants to complete, despite there being a small crack in the conservatory wall. However - the lender has placed a retainer on the mortgage whilst they assess the structural survey.

Any idea how this might play out in terms of timings etc. Could the lender release funds if the buyer agreed to take on the repair work etc? Or do I need to offer a discount?

Many thanks

GMS

If the structural report comes back fine the lender will either lift the retention or impose a part retention for cost of works.

You could have any works done and subject to a satisfactory re-inspection the retention is lifted and mortgage can complete.

If the report isn't good then the lender may choose to declien the mortgage.