Valuation - gas and electricity check

Myflat

Hi, I have just had a valuation done on the property I want to buy but it says there that the electric and gas systems must be checked before I commit to buying as the valuer thinks there are currently potential risks with these.

Who do I contact now? My solicitor or estate agent? Also, have no idea if the checks will costs a lot but if they do, do I ask for price reduction on the property once these have been carried out?

Thank you for the good advice I always receive here!

delmar39

Sounds like you need a gas / elec safety inspection carrying out. There are various companies around who will do this for you (landlords have to get them done) and costs vary depending on how many appliances you need checking. Perhaps go back to the people who did your valuation and ask them to recommend someone, or talk to your EA about who they might use for residential letting safety inspections - they must do them.

Did the valuer hold back a retainer on the mortgage offer for potential work? Do you have any info on when the boiler was serviced and the electrics installed?

Once you have the report back you can see whether it's worth revising your offer.

I wouldn't let this put you off if you really want the place.

Owain_Moneysaver

Myflat wrote: »

Hi, I have just had a valuation done on the property I want to buy but it says there that the electric and gas systems must be checked before I commit to buying as the valuer thinks there are currently potential risks with these.

Does the valuer say what potential risks or is this just the standard boilerplate text in all valuations?

brightontraveller

Essentially, your lender wants to know whether your property is worth at least the amount they are lending you. The valuation is not actually a survey; it’s merely a limited inspection. A property can have defects that a mortgage lender won’t care about and therefore won’t flag it on the report, however, it may affect you once you own the property.
As they are not trained in any electrical of gas (or if the building has any structural issues, defects etc) and normally pass the buck so to speak...

Electrical (domestic visual condition report ) £60 - £100 (NICEIC, ECA other governing bodies may also issure these) or you could go for a periodic inspection £80 - £ 150 (NICEIC, ECA, Part P etc )

Gas survey (Gas Safe) gas safety inspections and certification for home owners or prospective purchasers anything between £60 - £100.

Both are dependant on property size,

If they find any defects you can ask for these to be taken off the price... or the current owner to put them right before you buy.


This may help you understand the other types of survey you can have and is worth reading ?
http://www.propertyinvestmentproject.co.uk/blog/understanding-property-valuations-and-structural-surveys/