mortgage retention

[pnutspinky]

i have sold my house but the buyers lender has put a 1000 pound retention on his mortgage will i still recieve the agreed sale price on completion or will it be 1000 pound short

[Mattk]

you should receive full funds for the agreed price.

[Loosehead]

The retention is for the buyer to get around, essentially the lender is not entirely happy with one aspect of the property and is demanding the buyer resolve the issue before they advance the final 1K. Must be very minor for only 1K. Nothing for you to worry about the buyer will have to find 1K from another source and get the money back from the lender once the issue is resolved.

[dannydingbat]

The buyers knew about this before they committed to the contract which, unless your solicitor has messed up big time without your knowledge, agreed for the full balance of purchase price to be paid over on completion.

[nakedterry]

I had this problem. �1700 was being held back by my buyer morgage company as an estimate of work that needed carried out.

I dropped the price by 1700 and everyone was happy.