Retention on a BTL mortgageMake Text Bigger
I am purchasing a house for £50,000 and the surveyor has reported it requires a roof contractor to inspect and repair/renew roof. Specialist to check all subfloor timber and internal dampness.
The House is now valued at £45000 until works done then £50,000 on completion. The lender has given a full retention and the agent has suggested we ask the seller to drop the price to £45000 to continue, but lenders min is £50k.
The agent now suggested my only option now is for me to get contractors in to quote to do work then once done reinspected by mortgage company to continue. I don’t have the funds to buy cash as tied up in 2 other properties I own on BTL
Is this common and realistically should I pay for works when I don’t own the house yet. The roof had some slipped slate tiles and the damp I’m aware of in room but contractors will diagnose expensive treatment I imagine. Who is qualified to carry out these inspections to lenders satisfaction.
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