Mortgage Retention Advice Needed

xdulciex

My mortgage company have just received the valuation report and they've said:

"In order for us to proceed, you will need to obtain an electrical report, on the entire property, from a NICEIC registered contractor and forward to this office for our consideration.

It is possible the Society will make a retention of £4,000.00 from the advance pending completion of any recommend works and provision of a suitable guarantee or certificate. Please ensure you have the funds available to continue on this basis."

The problem is, I don't have the 4k needed to carry out the work in advance/ make up the shortfall... Can anybody advise on a way forward?

ACG

Ask the vendor to do it?
The work may not cost £4k, they have just recommended that to cover the works. Get a price on the works. My full rewire cost me £1300 - that was mates rates but it is still some way off £4k.

xdulciex

The electrical report has to be in my name... Does anybody know how much this costs?

amnblog

It's the vendor's problem. Don't make it yours.

xdulciex

I don't want to make it my problem but the Mortgage Company have said to "bear in mind that any reports that you obtain will be at your own expense and must be in your name (not the vendors) and does not guarantee that we will lend on the property"

ACG

Who is the lender?
It is the first time I have seen that, although admittedly I have only had additional reports crop up a handful of times.

Trying_to_be_good

Really odd that it has to be in your name, as when I've been both a buyer and a seller any extra reports have been carried out by the seller. Might be worth checking again, as the vendor may not want any (intrusive) work being carried out by someone not accountable to the vendors themselves.

xdulciex

I'm with Bath Building Society...It does seem strange to me, I might look into it some more.