Retention, what pitfalls should I be aware of?

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    Retention, what pitfalls should I be aware of?


    Hello everyone,


    I'm close to exchange on a property however there are some building work that the sellers promised to do but remained undone. The sellers have agreed that we can have a retention to do it post completion (so that we can meet the stamp duty deadline). They have found a contractor and get some survey done.

    This is a completely alien situation for me. I'm not looking to get any money out of this work, however at the same time want to make sure that I'm not liable for any of it.

    How the retention clause should be, what pitfalls should I be aware of? Hope to hear your advice.



    #2
    Your conveyancer should negotiate the retention clause with the seller's conveyancer.

    The amount of the retention needs to be sufficient so that if the work is not carried out you have enough money to pay for the work and a bit more if you can get it.

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