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Home Report... retention on value.
highlandlife
Posts: 14 Forumite
the house we are hoping to buy has some damp and flat roofing issues highlighted in the Home Report. The value is £115k but £5k is retained for works so until reports value is stated as £110k.
We offered £110k and it was accepted, however the reports now suggest that work might be about £6k.
So does this mean that the lender might deduct £1k from the loan to offset? Our MA seems to think they might deduct the full £6k from our loan??. Thanks... should add £66k is from Lender and £44k is from LIFT Scheme
We offered £110k and it was accepted, however the reports now suggest that work might be about £6k.
So does this mean that the lender might deduct £1k from the loan to offset? Our MA seems to think they might deduct the full £6k from our loan??. Thanks... should add £66k is from Lender and £44k is from LIFT Scheme
0
Comments
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I would say £6k retention would still apply, so that will be deducted from the new mortgage figure on the £110k agreed price.
The lender won't waive the retention just because the property is cheaper, they think the remedial work is important.
Mortgage started 2020, aiming to clear 31/12/2029.0
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