Loan Drawdown Nightmare

P

P27

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Hi All,

At the beginning of September we signed a loan offer in the solicitors with one of the big banks, we wanted to drawdown this money about two weeks ago as we were ready to close, after a delay of nearly a week they finally issued the money to our solicitors - less 40k!!! this meant that we couldnt close, they are now saying that they need a final valuation in order to release the balance to our solicitors, has anyone out there experienced this? Are we still getting our mortgage? We really are worried I think the sellers solicitors may be becomming a bit annoyed with all the delays at this stage.
 
Did the loan offer not mention anything in the conditions about there being a retention of €40,000 until the property is complete?
 
I wouldn't worry too much about the sellers, they are probably just happy to have a buyer in this market.
No retention clause?
What has your solicitor said?
 
Last edited:
are you borrowing money from your lender for renovations or extension works on the property?

thats the usual reason for asking for a final valuation and holding release of retention

cant see the point of its just a straight purchase of 2nd hand property???

m
 
The house wasnt a 100% finished when the original val was done back in August.
Fingers crossed this will all be sorted asap!
Buying a house is an awful lot of hassle.
 
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