Santander and electrics?

Eviesmummy

My survey has just been done and the surveyor mentioned that the old fuse box might be a problem for Santander - they could withhold part of the mortgage. He said that he wouldn't specifically mention it in his report, just say that the electrics were inkeeping with the age of the property.

How likely are they to withold funds and by how much?
Will the additional money be released if we replace the fuse box?
Anone know how much a new distribution board costs to have put in?

Any information would be greatly appreciated!

ACG

If he isnt specifically mentioning it then i cant see how they would question it. They are relying on him to say if there is an issue or not.

On the report its down to him to say whether there should be a retention and if so how much.

If there is a retention, they would release it once the work has been carried out.

A quick look on google says it will cost between £80-160, i assume depending on how much it can cope with/brand etc? - no idea as im not a sparky. Then i assume maybe a days work - probably £3-400 all in? But you would need to speak to an electrician. It cost me just shy of £2k tohave my whole house rewired so i dont think you are going to be talking thousands.

Eviesmummy

Thank you ACG.

dimbo61

How long is a piece of string ?
Last property I bought cost me over £3500 for a complete rewire to bring up to 2010 standards ( so not 2014!)
This included new alarm system with shock sensors on ground floor Windows and security lighting.
Good project manager who made sure the electricians did the job right and had everything set up. All wall sockets marked out, enough sockets for each room, IE three doubles in every bedroom, ten doubles in kitchen etc
If the fuse box is old so will the wiring and the property maybe very short on sockets, light fittings, alarm etc
Consider this in your offer

Eviesmummy

Mortgage offer just been issued so I'm assuming it wasn't a problem after all.

Thanks Dimbo61, I appreciate yuor comments.

ACG

If its gone to offer then you are fine.

As Dimbo says though, it probably is worth looking at the electrics. If it needs doing and you can afford it, its best doing it sooner rather than later. the last thing you want when you are moved in and settled is some bloke channeling out plaster in your newly decorated walls.