We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Post Office Mortgage Retention
LadyGMadameToThee
Posts: 55 Forumite
Subsequent to the damp & timber report being demanded by the lender (the Post Office) we now believe thy are going to place a retention of £2200 on the property. Can somebody please help to clarify our options, please? Losing hope (and patience!)
:DLady G:eek::mad::rotfl:
Life is too short to be serious all of the time. So, if you can't laugh at yourself, call me - and I'll laugh at you!:money::money:
Life is too short to be serious all of the time. So, if you can't laugh at yourself, call me - and I'll laugh at you!:money::money:
0
Comments
-
It's a suggested retention.
Get the T&D report done by an independent T&D surveyor - so pay for it and avoid 'free' reports by those who make a living from doing damp courses and timber treatment.
If no work is needed, the retention will be lifted. If the estimate is for a smaller amount, the retention will be cut, or possibly lifted if within your lender's minimum.
Don't forget the essential repairs might be worse and more expensive, resulting in an increase.
Once you have the report, you may be able to renegotiate the purchase price of the property, although this may depend on the current and post-repaired valuations of the property.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
We already had the damp & timber report carried out by a very experience, and entirely independent, surveyor. It wasn't as bad as th banks valuer assumed but still quoted £2200 worth of minor work. Neither us or the selle can or will pay for them to b Carrie out before the house sale. So, is it as simple us renegotiating the sale price?:DLady G:eek::mad::rotfl:
Life is too short to be serious all of the time. So, if you can't laugh at yourself, call me - and I'll laugh at you!:money::money:0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.7K Banking & Borrowing
- 254.9K Reduce Debt & Boost Income
- 456.1K Spending & Discounts
- 248.3K Work, Benefits & Business
- 605.9K Mortgages, Homes & Bills
- 179K Life & Family
- 263.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards