essential repairs & retention of mortgage funds

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we are first time buyers and are sale agreed on a house.

however the bank has come back to us to say that it needs some work done and they'll need to see estimates for the essential repairs and there'll be a retention of (some?) funds until the repairs have been carried out after we buy the house and move in.

major kick in the teeth!

has anyone got any advice or been through a similar situation? (with positive or negative outcomes?)
 
Not the same thing as well but our surveyor has just informed us of lots of major work which needs to be carried out on the house which we went sale agreed on. I can only sympathise with you because I feel so down about it all!
 
omg! we've just got a list back from the bank as to what the 'essential repairs' are and one of them is 'decorate house'.

they HAVE GOT to be kidding.

there are people currently living in this house. it's not like it's a derelict shack.

this is unbelievable!! they are telling us that we have to redecorate and not only that but are withholding some of our mortgage until we do this....
 
The lender will be looking at the recommendations of the valuer - have you got a copy of the report? Retentions are normally only required when there is structural work to be carried out or things like re-wiring or replumbing. You can negotiate on the amount and give an undertaking to redecorate within (say) 6 months. Talk to your lender.

Sarah

www.rea.ie
 
so, it turns out that the valuer didn't really know what they were at - and didn't realise that saying we needed to repaint (under the 'essential repairs' heading in the valuation report) would mean the bank would retain part of our mortgage. and these people are supposedly professionals !?

in the end we've had to run around for 2 weeks getting quotes for different things and the bank are retaining a few grand (thankfully not too much), but it has meant a delay of about 5 weeks (it took them 2 weeks to tell us about the thing in the first place and another week to get back to us after we'd submitted all the quotes), and in that time interest rates have gone up again!!! grrr....
 
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