retention on remortgage

[jes66]

I have obtained a remortgage and the valuation report has come back stating " the property has suffered from differential movement with dropping down to the right hand side of the gable wall. There is some cracking in the party wall and to the front of the property which may well be longstanding, however I feel it prudent to obtain a Structural Engineers report to clarify that.' It also states 'The property has suffered from structural movement although it has been internally refurbished to a good standard but the cracking externally could indicate some ongoing movement that would need to be checked.'
He has put a £8000 retention on the property as well as downvaluing it by £20k - ££12k once retention is lifted. When I bought the property in 2006 the survey brought up evidence of movement but not ongoing, this was stated again when I remortgaged it 2 yrs ago.
Does this mean they will offer me a mortgage but only after a satisfactory report is obtained and any work carried out if necessary.
The prop is a semi built circa 1890 and has previously had satisfactory mining searches.
It's a remortgage and I have asked for an extra £10k for home improvements, if the report stated £x work needs doing to prop would they lend me the amount less retention then pay me the £8k once work done, or would I have to get the work done before they lend any money, hope this makes sense, and thanks

 

[mointainwalker]

would they lend me the amount less retention then pay me the £8k once work done

This is what a retention would usually be.

 

[jes66]

thanks, not sure how these things work. i have an engineer coming round next week, he said from what the survey says the surveyor was just covering his back, if he was really worried he would of put a 100% retention on the property and since its less than 2 yrs ago since i had a survey done he doesnt anticipate any problems, so fingers crossed!
so does this mean the lender is prepared to lend providing the report of work needed is done and is satisfactory? it's not an outright refusal?

 

[mointainwalker]

so does this mean the lender is prepared to lend providing the report of work needed is done and is satisfactory

?

Yes, as long as they are happy about the competence of the person/company carrying out the work.

Can't remember exactly if they require to approve the quotes (i.e. the contractors ) before work commences or whether they do it another way.

 

[jes66]

Thank you, much appreciated!