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
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[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?