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Mortgage issues - retentions


Wb123
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We have agreed to buy a house and paid for a full structural survey which in terms of damp came back as condensation issues only to be fixed with improved ventilation, no penetrating or rising damp. The mortgage companies surveyor (Countrywide) has however put in their report that we should obtain 'a specialist report from a PCA (Property Care Association) registered damp/timber firm'. They had proposed a £3000 retention on the mortgage until this is done.

 

Everything I have heard about the PCA is that they are a bunch of shysters and our independent surveyor said to avoid them.

 

We are due to exchange contracts tomorrow and complete on the first of November, and the seller have been clear they can't afford to move any further on the price. We could however afford to increase our deposit by £3000.

 

Am I right in thinking that we increase the deposit by £3000 and the problem of the retention goes away?

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25 minutes ago, Wb123 said:

the problem of the retention goes away?

I don`t think so. I had a similar problem some years ago with a property. The lender with-held £1000 until I got the required work done and supplied documentary evidence and the warranty certificate. Only your lender can give you a definitive answer, but my experience was that they held back on the total ammount until I had the problem professionally corrected.

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1 minute ago, JJsDad said:

 

I don`t think so. I had a similar problem some years ago with a property. The lender with-held £1000 until I got the required work done and supplied documentary evidence and the warranty certificate. Only your lender can give you a definitive answer, but my experience was that they held back on the total ammount until I had the problem professionally corrected.

For clarity do I understand that the mortgage lender held back the whole mortgage until you had the work done? If so how did you get access to the property to do the work?

I will call them in the morning to clarify.

 

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The Q is, why is the Surveyor specifying the PCA? Hidden Commision? You will never know.

Perhaps you could suggest to your mortgage co that you agree to a specialist report but from  an independent Co recommended by your surveyor. either way the mortgage Co will retain the mount until it is satisfied with the damp issue - if, indeed, there is one.

Edited by Bobba
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39 minutes ago, Wb123 said:

For clarity do I understand that the mortgage lender held back the whole mortgage until you had the work done?

No, they held back £1000. What with all the other costs at the time, I hadnt got a spare £1000 to meet the full cost of the mortgage so I took out a short term bank loan and repaid that once the required work was completed to the lenders satisfaction and they released the £1000 they had held back.

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I had it many years ago over a airbrick  they wanted fitting to a wall that had been a bathroom where the bath had sat leaking water. 

I never fitted the airbrick the wall dried out fine. 

If you can afford the retension it's up to you if you do the work or not.

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I’m a bit confused - did you have to get a structural survey for the mortgage or just a valuation? What sort of property?

i don’t see why they would suggest a PCA company you should use a RICS surveyor for something like this, not a company that makes money from ‘damp’ problems. Most damp issues are condensation and result for lifestyle eg drying washing inside with windows shut...

Edited by simonm
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Yes. The mortgage company holds back the cash so you have to find the value of the retention. You get the work completed by whom ever you choose but with  qualified evidence that it has been done properly and the extra cash is released back to you or redeemed against the mortgage. 

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We had our own independent structural survey, the mortgage company’s valuer also did a partial survey. The two have some profound disagreements. 

 

I called Santander this morning and they have agreed to waive all of the countrywide chaps recommendations and release the full amount. 

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25 minutes ago, Wb123 said:

We had our own independent structural survey, the mortgage company’s valuer also did a partial survey. The two have some profound disagreements. 

 

I called Santander this morning and they have agreed to waive all of the countrywide chaps recommendations and release the full amount. 

A sensible outcome :good:

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53 minutes ago, Wb123 said:

We had our own independent structural survey, the mortgage company’s valuer also did a partial survey. The two have some profound disagreements. 

 

I called Santander this morning and they have agreed to waive all of the countrywide chaps recommendations and release the full amount. 

Common sense I’m staggered!

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