Mortgage retention

CheckDigit

Hello,
We bought a property in September and one of the conditions from the lender was that "All recommended works in the reports and quotes provided are to be completed within 6 months of completion. All certificates and guarantees are to be sent to the bank for storage with the title deeds." The retention amount was £2000. We have yet to complete the works. What would happen if we failed to complete the requested works by the 6 months deadline? 
Thanks

Thrugelmir

Then the retention monies will be withheld. 

CheckDigit

Thrugelmir said:

Then the retention monies will be withheld. 

Thanks - we have already completed on the property and the bank have already released the money (about 4 months ago). Does it mean that we would have to pay the bank the £2000 retention money?

Thrugelmir

CheckDigit said:

Thrugelmir said:

Then the retention monies will be withheld. 

Thanks - we have already completed on the property and the bank have already released the money (about 4 months ago). Does it mean that we would have to pay the bank the £2000 retention money?

With a retention the money is withheld from the mortgage advance. You need to claim it once the works are completed. 

davidmcn

CheckDigit said:

Thrugelmir said:

Then the retention monies will be withheld. 

Thanks - we have already completed on the property and the bank have already released the money (about 4 months ago). Does it mean that we would have to pay the bank the £2000 retention money?

If they've already released the £2,000 then it hasn't been retained.