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Rewiring before completion

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  • Rewiring before completion

    Hi there I'm new to this forum I wonder if you can help?
    I'm in the process of selling my mums house. Sadly she died this year.
    The purchaser's mortage lender is saying that they will retain all of the mortage monies until necessary work is completed prior to completion.
    I understand that we can insist that the work does ot start before exchange and ask for 10 per cent deposit and ask for a solicitor's undertaking. Has anyone had to do this?
    Look forward to hearing from you

  • #2
    Re: Rewiring before completion

    Survey on our house picked up damp, so our buyer's mortgage company has instructed them to have the works done before they will release the mortgage funds too.

    Buyer asked us to reduce the sale price, which we agreed to. They have instructed damp firm to do the works next week.

    My solicitor said "if the work is going to be done on 17th Jan, who is going to pay for it if the Contract has not by then been exchanged? It seems essesntial to me to have the Contract exchanged before the work is done. I will therefore take this up with the buyer's solicitor."

    I will let you know my solicitor's response.

    I too have never heard of this before....

    My solicitor also said: "I would find it very surprising if a mortgage lender insisted on work of this nature being carried out before the mortgage advance is released. If the buyer's were borrowing 95% of the purchase price, one might just understand it but usually an undertaking from the buyers, with their mortgage lender, to do the work within 6 months would be sufficient."
    Last edited by gavinh1175; 09-01-2013, 08:11 PM.

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