Mortgage Valuation - Pass or major Fail??

[BigOldHouse]

Hi,

I'm looking for a bit of advice please about this electrical installation in a big old (100 year old) house I wish to purchase. Not sure if anyone would be able to tell from this photo but does it indicate to anyone whether it would pass or majorly fail a mortgage valuation on the property and possibly cause them to place a retention on mortgage funds until full rewiring is done, also estimated costs for a rewire, there are approx 12 rooms across 3 floors. Any help greatly appreciated, Thank you.

 

[funkymonkeytwo]

The only advice I could give is get a full (EICR) this will list everything wrong the contractor can then give you a quotation to carry out the remedial work. Then for instance the house is on the market for £10 and the remedial work is £2 you can then offer them £8 for the house.

 

[telectrix]

it must have been rewired at some time. 60's??? if the cables are pvc, they may well test out fine with a few minor repairs. the DB/s could do th upgrading. what you need is a EICR which will highlight any problems and give an idea of cost.

 

[gazj82]

If it is PVC, just check the lighting PVC cables contain cpc's (earth wires). Older PVC lighting cables don't always have a CPC.

I agree with the others though, get an EICR done, then you will know what needs doing, instead of you and us (from a picture) guessing.

 

[Octopus]

Put it this way. A PROPER FULL EICR could set you back at least £200.00

A full PROPER rewire could set you back a minimum of £4K

Not investing in a proper EICR could cost you dearly

 

[SPARTYKUS]

Hi Bigoldhouse

PM me if you want me to take a look / quote for the report you perhaps need doing. I am in the West Midlands.

As suggested above it may very well NOT need rewiring, just some remedial works, only way to know is to get a competant electrician in that knows what he's doing and isn't a scoundrel or rip off merchant.

As in me :wink5:

 

[oldtimer]

Depending on the cost get a full rewire forget the EICR it will only tell you what you already suspect I have no doubt that some of the wiring will pass but for me put a bid in for the house with a budget set aside to do a full rewire ie house = £190,000 rewire £3-5k its a no brainer plus you can forget it for another 30 years

 

[Jdsparky]

Hi Bigoldhouse

PM me if you want me to take a look / quote for the report you perhaps need doing. I am in the West Midlands.

As suggested above it may very well NOT need rewiring, just some remedial works, only way to know is to get a competant electrician in that knows what he's doing and isn't a scoundrel or rip off merchant.

As in me :wink5:

Good advice, I like it......my 2 pence worth, if the OP is anywhere nearer my location also in west mids, I too am not a scoundrel or rip off merchant

 

[BigOldHouse]

Thanks for replies so far.........each one useful

 

[Rampantchilli]

By the way bigoldhouse, just being a pedant, but you can't fail a valuation, as anything wrong will just adjust the valuers final figure, I suspect they will just say requires further investigation by an electrician.

on another note, I'm also in the midlands, near Dudley

 

[SPARTYKUS]

I asked first am we, ay it!

 

[Rampantchilli]

ar
.
.
.
.

 

[SPARTYKUS]

Oh my life!

 

[Guest55]

crappy old wiring is small potatoes in the grand scheme of property buying.
anyone buying an old house that requires modernisation expects to do at least some electrical upgrades - and thats clear as crystal looking at the photos.
but its not a problem if this acknowledged and negotiated at the offers / bidding stage.

i dont know of a single domestic property sale that has fell through soley due to
electrical issues - its simply not a deal breaker.

 

[SPARTYKUS]

Yers roite, loike, ain't rocket science, ay it Biff?

 

[Guest55]

nah it aint me ol mucker.
;-)

 

[SPARTYKUS]

34 posts to go. So excited. Do I get a certy fy kate for getting to 3000

 

[Geordie Spark]

Yers roite, loike, ain't rocket science, ay it Biff?

Piece of pi$$ ................. anyone can do it after being on a 5 week course.

 

[tidyboiler]

Yers roite, loike, ain't rocket science, ay it Biff?

yow be careful if yer goin near the rough areas in Brumagem........ they'll have yer van up on bricks if yer give em eye contact. bab. :ninja:

 

[NDG Elecs]

i dont know of a single domestic property sale that has fell through soley due to
electrical issues - its simply not a deal breaker.

My wifes an estate agent Biff. I know of one property where the sale fell through because a rewire was not notified despite a full EICR being done afterwards in mitigation. I know of another property sale that went sour due to purchaser/vendor disagreeing on whether an oven was included in the sale....this was on a £400K house!! Bonkers!

To the OP. Normal practice is to meet halfway ish on any works required, except obviously if you want new kitchens/bathrooms etc...so if works are £4k then ask for £2k off. When you put in the bid it was clear and fairly obvious that the electrics in the piccy are not brand new. So asking for the full amount would be taking the pish IMO.

Also, the surveyor will simply cover his/her back in what they write. Sometimes they give some interesting (read stupid!!) interpretations on what could be wrong with an installation though.