Mortgage Conditions (?)

M

meepmeep123

Guest
hi,
I am in the process of buying my first house, everything so far has gone well although I sense a grey cloud on the horizon....

The house I am buying needs some updating;

1. the electrics - although in working order the electrics are dated, the very old twisted wire cords and circular 3 pin plugs in places

2. the back boiler probably needs replacing (noting the dark colour on the monoxide test)

I have paid for the valuation survey to go ahead, when discussing this witt the halifax they told me that in some cases conditions may be placed on the mortgage for necessary work to be done...

Does anyone know what this means

i have been told that it could mean the bank will with hold a figure back from the mortgage until the work is done lets say £3.5k (so £3.5k withheld plus £3.5k to do the job £7k to find)
Another person told me that the work would have to be completed within an agreed timeframe.

any views on this / experience?

thanks in advance
 
Are you based in Ireland?

If the valuer recommends that work needs to be done to the house, Halifax may decide to do as you suggest - hold back some of the mortgage until the work has been completed. A lot depends on how necessary the valuer decides the work is.
 
Ask the seller to reduce the price to cover the cost of the work that needs doing.
 
Hi

I have experienced this (in the UK) a retention was put on part of the mortgage until certain work was done, damp course, central heating, re-wiring. We showed this to the seller and price was reduced.

Betsy
 
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