Mortgage Retention - Northern Rock

[Crazy78]

A retention of 1000.00 has been put onto my Mortgage as works need carrying out within 3 months of the completion date (damp proof course). On the completion date I will be adding 1000.00 from my own savings to complete with the full mortgage amount. Does anyone know what happens when the retention is lifted? i.e will the 1000.00 retained be paid directly to me, or will it be deducted from mortgage owing? I've contacted both my broker, and mortgage company (Northern Rock), and no-one can answer this question!? Surely this is fairly common occurence?

[Maggie-Mae]

If you have a solicitor involved the retention would be released to your solicitor who in turn would pay it to you. This would probably only be done once the mortgage company has satisfied themselves that the works have been adequately completed i.e they will instruct a surveyor to check the works.

[sense4all]

We buy dumps and do them up : when I had a retention with the Abbey as soon as the work was done, we notified, they sent some one round and we got a cq to us from them within a week. Much easier and quicker than I anticipated.

[Crazy78]

Thanks for your answers!