What is a mortgage retention
help with understanding mortgage retention. 8
Hi, we are second time buyers and put in an offer of a house we liked for the FULL ASKING PRICE. Had homebuyers survey done and although there were numerous recommendations of work to be done, the surveyor still valued the property at the asking price. we considered get a quote for the more 'urgent' works+asking the vendor to drop by this amount. However, after much consideration we decided that we would rather not quibble over a few thousand pounds and that in the grand scheme of things we would rather just get things moving. Unfortunately, the bank (who have had their own survey done for mortgage purposes)have decided that the house is worth 1.5k less than what it was on sale for. They say that repairs are recommended as a condition of the mortage and that the recommended retention is
£1, 500. This puts us in a bit of a predicament. although we weren't going to quibble before now that we won't have the full mortgage we thought we were getting we will have to either a.find the money ourselves or b.ask the vendor to drop the price by this amount or c.get this work done.
sorry this is so long but any kind of advice would be gratefully recieved. Thanks
ps-whats really annoying is that what the banks surveyor is recommending needs doing is different to what our homebuyers report came up with. They want the chimney stack rebuilding and a damp report/damp works carried out but these were not high priorities on the homebuyers survey. The things he said needed doing urgently (including wall ties) were not picked up on by the banks surveyor. Surely this just proves that valuations are very subjective?Source: www.mumsnet.com