Why Do Lenders Sometimes Require a Retention on Completion for Minor Works Identified in a Survey?
The path to homeownership is rarely perfectly smooth, and one of the most common hurdles buyers face is the appearance of a "retention" clause in their mortgage offer. If a homebuyer’s survey highlights minor repair works—such as roof tile replacement, damp-proofing, or fixing a faulty electrical circuit—the lender may decide to withhold a portion of the loan until those...
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