Conditions on mortgage. Re-inspection by lender

sam2015_2

Mortgage offer is subject to the following special condition.
"The repairs detailed in the valuation report must be carried out immediately after completion. We reserve the right to re-inspect the propert at later date".

Does lenders actually send someone around for re-inspection? After how long?

I'll be carrying out all the works but not immediately after moved in.
Valuation matched the asking price.

RhysHSCC

I'm assuming that you have had a retention applied after the valuation took place? Which means the lender will hold some funds back until certain works are completed?

Smaller retentions usually require Certs/guarantees sent to the lender and they will decide whether a re-I spection is necessary, or if the guarantee are. Usually if the retention was large to begin with, a re-inspection will always be carried out but only when you come back for the retention funds

Hope this helps

kingstreet

You usually have a year to get work done under a retention and still be able to have the funds released.

After that you just end up living with the smaller mortgage.

As noted, you may get away with supplying invoices and certification, otherwise the original surveyor will be asked to reinspect, at your expense, of course (£50 - £90 is the norm.)

sam2015_2

I'm confused now.
There is no mention of retension or fund withdrawl. It is under s
special condition and state that it is my responsibility to get these done.

kingstreet

You got an expanded answer for future readers, or if you had a retention as well.

The section on reinspection is still relevant.