RETENTION ON MORTGAGE

jess12345

I got my mortgage offer (property I am buying I already live there, buying ex out). The lender held a £5k retention for ~? asbestos. I had a specialist report done, which indicated a small amount in one room needed removing (artex). I have  removed the artex and had the room replastered. A family member who is a plasterer by trade but not his main job did the work for me. As I didn't have an invoice the lender said they would have to do a re-inspection. The surveyor has now carried out a re-inspection but he was very arsey to say the least! He asked me how the work was carried out so I told him old artex removed and plastered over. He didnt seem satisfied so I now have to wait and see what his report says. If he tells the lender he isnt satisfied then I presume they wont release the retention. But I cant prove that the old artex was removed unless I take the whole new plaster off!  Not sure where I stand on this one.

csgohan4

If you needed work done, best to have it done through the official channels, rather than a cash in hand job. They want to know a professional did the job and not the buyer doing a potential botch job. 

You need to wait for the underwriters to see if they will accept

jess12345

Family member did it for free. He is a professional but doesnt do it for a living any more. Its only a small utility room. So is it down to the underwriter and not the surveyor? If the surveyor wasnt happy can the underwriter overright that?
He has done a good job   
The advised action on the asbestos report was:  Remove - The material is subject to future refurbishment / demolition or in poor condition with the risk of further disturbance.
So we removed the bit which was in a poor state but 2 of the walls were intact so they were pva'd about 3 times then plastered over.
I suppose the worse case scenario is I would just have to pay the £5k retention from my savings.