Mortgage special condition advice

DougieMcSlop

When we bought our house part of the special conditions of the mortgage was to do some repair work, we have completed most of the work and when we have had someone round for the last part we have been advised "not to bother" as we are planning on selling shortly so to just reduce the asking price if it gets brought up in a valuation.

If we where to just leave the remaining works and go to sell, would there be any repercussions from our mortgage lender?

david29dpo

Are you porting the mortgage?

kingstreet

DougieMcSlop said:

When we bought our house part of the special conditions of the mortgage was to do some repair work, we have completed most of the work and when we have had someone round for the last part we have been advised "not to bother" as we are planning on selling shortly so to just reduce the asking price if it gets brought up in a valuation.

If we where to just leave the remaining works and go to sell, would there be any repercussions from our mortgage lender?

Highly unlikely.

You will repay the mortgage from the sale proceeds then it will end. There will be no looking back at the property being sold. Your buyer's surveyor might pick it up, that's all.

DougieMcSlop

david29dpo said:

Are you porting the mortgage?

I wouldn't be porting it no, as our current term is coming up shortly and rates with the lender aren't mega competitive.

DougieMcSlop

kingstreet said:

DougieMcSlop said:

When we bought our house part of the special conditions of the mortgage was to do some repair work, we have completed most of the work and when we have had someone round for the last part we have been advised "not to bother" as we are planning on selling shortly so to just reduce the asking price if it gets brought up in a valuation.

If we where to just leave the remaining works and go to sell, would there be any repercussions from our mortgage lender?

Highly unlikely.

You will repay the mortgage from the sale proceeds then it will end. There will be no looking back at the property being sold. Your buyer's surveyor might pick it up, that's all.

Okay thank you for the clarification, I'd assumed that it was how you said but going through all of documentation I couldn't be too sure.

ACG

Special conditions to do work... no timeframes? 
IF it got picked up (which I think is unlikely) you could argue you have been working through the jobs and not got round to that one yet. But I doubt a lender is going to be too fussed if their charge is coming off the property.