Full Electrical Report Quote Nationwide Coverage
Nationwide Electrical Report Quote in conjunction with Go To Survey with Nationwide coverage. If you are reading this blog you have probably applied for a mortgage and the Mortgage Lender has asked for a specialist Electrical Report to support your case or you could be a Landlord looking to let the property and as such this forms part of your legal obligations.
The blog puts into context why your Mortgage Lender has asked for an electrical Report, questions what you should think as a result of being asked to supply one, and covers the method of requesting an Electrical Report.
What do you get in the Report?
An electrical inspection of the property (assuming no more than 12 circuits) consists of a full periodic inspection, ensuring the property complies with the latest IEE regulations.
The inspection tests the fuse board and all the circuits and removes a representative sample of the sockets and switches to perform a visual wiring check. If the property does not comply with the latest IEE regulations, the report will provide costs for recommended remedial repairs to bring it up to these standards.
How Much Does an Electrical Report Cost?
Obviously, every property is different, and the prices can change depending on the type of electrical units, circuit, number of rooms, and additional spaces. Once a quote form has been received with very basic details, our partners at GoTo Surveys will be in touch to provide a bespoke quote and explain the next steps. As a guide price, the average report cost is £414 (including VAT), and the Property Value (not exceeding) £10,000,000.
FREQUENTLY ASKED QUESTIONS ON ELECTRICAL REPORTS TO SUPPORT A MORTGAGE
Q) My Mortgage Lender has asked for an Electrical Report. Should I look for another property?
A) At this stage it’s too early to say. If the Mortgage Lender was really concerned they would have rejected the property outright. If you remain keen on the property, we suggest you first obtain the report and then assess the findings. In this page we allow you to get a Electrical Report Quote and also give you some information about what you can expect.
A) It depends. The majority of people looking to buy the property pay. This is to portray they are committed to the purchase and also as they fear that Vendor may decide to chose another buyer over them due to this added complication.
I advise speaking to the Selling Agents and “test the water” to see if the Vendors are willing to contribute. Appeal to their better nature and particly if you feel they may have disguised or concealed the issue when you visited. Say if one Mortgage Lender has highlighted an issue the chances are a second one will too.
A) Not in the case of purchasing a property to live in although it is a good idea. For buy-to-lets it is legal requirement to have one carried out before it is tenanted.
A) It’s a bit like a triage in A&E. They are in the property for 20 to 30 minutes and are tasked with highlighting high-level concerns, putting a value on the property in its current state, and saying whether it is portable. Their payment reflects the time spent ,and they are not there to fix the problem or research it in depth. In their report they will make suggestions, such as further investigation on the electrics and leave this to another firm that specialises in the field to assess the potential problem in more detail.
A) The Electrical Report findings must have been serious enough to need correction. Sometimes the Mortgage Lender will want work carried out before they will advance anything (known as a full retention) and sometimes they will hold back a lump sum equivalent to rectify the problem (part retention).
A) Although this request might seem unfair its important to remind ourselves of the premise of a mortgage rather than other unsecured finance. The reason why the borrowing attracts a better interest is the Mortgage Lender can repossess your property if you do not keep up with repayments. They are not Landlords they are Lenders, so will want to sell the property without complications quickly and recoup their funds.
A) The main areas areas are the supply box, lights, sockets and wiring.
A) A realistic time frame is one to three weeks. Bear in mind the Vendor may have to take the day off to allow access to the property.
A) Up to a few hundred pounds depending on the size of the property. It is subject to VAT so make sure you are aware of the overall cost. Also, firms will try and tie in the follow on works to remedy the issues, so read the contracts carefully, particularly if there is a low entry cost, as there is likely to be a catch.
A) Mortgage Lender expect the firm to be a member of UK accreditation body such as NICEIC, Stroma, Napit and Elecsa.
A) If a problem has been identified by the Mortgage Lender at survey stage they will expect a new Electrical Report to be carried out by you. For subsequent mortgage applications on the same property the replacement Mortgage Lender would probably want the Electrical Report to be dated in the last 3 months.
In the case of Buy-to-Lets, a report needs to be redone every 5 years, but Legislative guidelines recommend an Electrical Report at the start of each new tenancy.
A) This depends on the individual Mortgage Lender; sometimes, they want the guarantee for the work to last for a set period of time. They might also insist on the guarantee being transferable to a new borrower to protect themselves in the event of repossession.
A) C1 – indicates danger exists and will need immediate attention.
C2 – indicates the potential for danger and advises urgent attention.
C3 – indicates that the electrics pose no danger but still recommends improving the electrical system.
A) No, you do not need to take a mortgage with us to access our links to our affiliate services.
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