Woolwich

Zaf123

I am wondering if anybody can help.

I have a application which woolwich which has been a nightmare.

the valuation was done and it stated that wall tie failure may be present. we were advised by our broker that we need a wall tie survey by pca registered company. This has been done. they survey suggested rear elevation wall ties need replacing.

cost is estimated to be 500.

i have sent the report to woolwich. I am concerned that they ask for the works to be done before issuing offer. ( i wont pay for it when i dont own property)

are woolwich likely to hold retention or insist on works being completed? or being such a small amount will they issue mortgage?

any thoughs

Thrugelmir

Zaf123 wrote: »

are woolwich likely to hold retention or insist on works being completed? or being such a small amount will they issue mortgage?

If the work has been recommended then quite possibly yes. As it's not the cost of the works that the issue, but the risk to the value of their security should you not undertake the work. A retention provides the stick with the release of the money a carrot.

controversy

Zaf123 wrote: »

I am wondering if anybody can help.

I have a application which woolwich which has been a nightmare.

the valuation was done and it stated that wall tie failure may be present. we were advised by our broker that we need a wall tie survey by pca registered company. This has been done. they survey suggested rear elevation wall ties need replacing.

cost is estimated to be 500.

i have sent the report to woolwich. I am concerned that they ask for the works to be done before issuing offer. ( i wont pay for it when i dont own property)

are woolwich likely to hold retention or insist on works being completed? or being such a small amount will they issue mortgage?

any thoughs

I am afraid if your getting into property development you have to use cash.

Take this as a lesson. My Folks also learned the hard way when they buy a semi-detached property with a outhouse that had a wall tie. The outhouse took a lot of money to fix.

Zaf123

Hi

Thanks Thrugelmir.

I have read somewhere (iirc) that woolwich dont hold retentions anymore.surely they cant somebody who doesnt own a property to spend money on it?

the vendor has already reduced price of property and wont budge anymore. so negotiating isnt a option.

Zaf123

Hi i am not getting into property development,

i am buying a house to live in. The cost to fix is 500 pounds, i have recieved quotes for around same figure.