Estate agent asking for mortgage retention figures...

alwaysmovingforward85

Hello MSE community, I'm in need of some help please:

I put in an offer and was accepted on a victorian terrace property. The lender then did a valuation which came back with 'potential issues of damp and or rot'. The lender then requested a specialist report be done on the property which was arranged by the vendor however when the 'report' came back it was little more than a few paragraphs stating 'yes' there are some issues that need to be resolved. Both my mortgage advisor and I don't think the lender will accept this doc as a 'report' although it does acknowledge problems.

The lenders valuer also stated there is no party wall in the attic which needs to be sorted.

So, whilst I'm waiting to hear back from the lender, the estate agent is pressing us for the retention figures against the issues raised by the valuer.

I don't think we should disclose this information?

Essentially this is where I'm at. Either they 'fix' the damp/rot problem and party wall in the attic prior to my getting my homebuyers 'full' survey done or I'm walking away.

Just to add in some context, there was a previous buyer who pulled out for a similar amount I've been quoted to get the work done on the property however the vendor told me specifically she thought it was due to the buyers both keeping their previous properties so they were chancing their arm - either way I have no factual info as to exactly why they pulled out.

I also just found out two other houses on the same road (via another estate agent) are being sold for roughly 8-10K lower than the one I've offered on and they're all very similar standard and practically the same layout due them all being victorian terraces built in the same few years.

Any thoughts on the retention figures or what tactic I might employ next I'd be very grateful, buying a house is certainly a minefield.

Many thanks and have a lovely day

NB

kingstreet

Your lender will require a report & estimate for any works required before the retention is finally set by the surveyor who carried out the valuation inspection. Until then, it is merely a suggested retention.

alwaysmovingforward85

Hello Kingstreet, absolutely I understand that part. The part I'm looking for more clarity on is why the estate agent wants to know the retention figures as he's saying that's what they're waiting on as well as the outcome of the report done on the rot and damp.