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Retention post valuation / Negotiated cost of works

Retention post valuation / Negotiated cost of works

I’m buying a house but I’ve been told I can’t proceed with works being done to a house I don’t even own – what do I do?

The challenge

Our client was told after a mortgage survey there needed to be a ‘retention’ for works that needed to be done. In other words, the works needed to be done before they could get an offer.

The works in question were a problem with the chimney stack and would cost in the region of £12,000 to fix.

The vendor refused to pay.

The solution

We pointed out to the estate agent that any mortgage surveyor coming into the house would almost certainly pick up the same problem.

So unless the vendor is going to hold out for a cash buyer, they needed to pay for the works. Whether it was our client or anyone else, the same problem would prevent anyone from getting a mortgage and buying their house.

The vendor eventually saw reason and paid for the works.

After thought

We have been in the industry for several decades collectively and there’s all sorts of things we have seen. Where it is appropriate, we will always fight a client’s corner, especially when we see an injustice!

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David was absolutely amazing, from helping us find the right mortgage, to advising us, to being on hand for silly questions we had. Nothing was too much trouble for him. I will absolutely be recommending him to our friends.

Frederica Turner

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