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Part Exchange Money Retention
danivtec
Posts: 85 Forumite
I am currently part exchanging my house with a builder.
They have posted a list of requirements of their part exchange and one of them is that £1000 will be retained for up to two weeks after completion to ensure the property is left in a "satisfactory state".
Can anyone offer any advice or their experiences?
Regards
They have posted a list of requirements of their part exchange and one of them is that £1000 will be retained for up to two weeks after completion to ensure the property is left in a "satisfactory state".
Can anyone offer any advice or their experiences?
Regards
0
Comments
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If you can't negotiate this away you will have to live with it. It stops you wrecking the place before you leave.
Shame you can't insist on the same in return, £1000 retention until all snagging is complete.I'm a Forum Ambassador on the housing, mortgages, student & coronavirus Boards, money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Hi we p/exed last september and had a £750 retention for the same reason. They did not expect us to redecorate just leave the house in a clean and tidy state. No probs with getting the money back after 10 working days. Think with some builders this is common practice.
Bijou0 -
Thanks for your replies.
I have suggested that the inspection takes place on completion day as I dont want to take responsibilty for securing the place from any damage from the date of completion to the date of their inspection.
Anyone could gain access to the exterior and wreck the garden etc after I have left.0 -
Hi again
We completed on a Friday and he inspection was done on the following Tuesday. We did stress however that once we had handed keys to estate agent on completion day the agent was to look over house and sate that all was okay in case anything happened over the weekend.
Oh and by the way our old house is still on the market - now at £50k less than the builder gave us for p/exchange. Whoops!
Bijou0 -
ps please excuse speling mistakes don't often write replies normally just read forum.
Bijou0 -
bijouinnuendo wrote: »Hi we p/exed last september and had a £750 retention for the same reason. They did not expect us to redecorate just leave the house in a clean and tidy state. No probs with getting the money back after 10 working days. Think with some builders this is common practice.
Bijou
What builder was it you part exchanged with?0 -
Hi
It was banner homes. One of the smaller building companies.
Bijou0
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