Retention/Reports

fluffy123

Hi all, hope you are well.

Currently in the process of buying our first home and applied for mortgage. I've received a letter this morning stating that the mortgage company we're hopefully going with have been requested via the surveyor we appointed to obtain NICEIC report and damp/timber report. They've also recommended a 3k retention on the mortgage too.

Our broker has recommended somebody for the NICEIC report and damp/timber report and it's down to us to sort.

Apparently this can be quite standard? We paid for the homebuyers survey but might have to stump up some extra cash for these reports? The retention doesn't sound good though....

jonathanrolande

There may be firms locally doing free reports, have a look. The retention will be lifted if there is no work needed or when you get it done so it’s all quite standard.

fluffy123

Received the electrical report just now. It's basically a load of readings etc from what I can see. But it's been classed as unsatisfactory due to an urgent need to replace the consumer unit and a lantern needs rewiring. A recommendation has also been made to add more sockets upstairs. But I've been given the following to explain....


The age of the wiring is around 35 yrs old but is in fair condition.

The main consumer unit will need replacing for a more modern type with RCD protection, and the front lantern (outside the house - we don't even know if we'll keep this) will need to be rewired.

I also made a comment that there is a lack of sockets upstairs for modern day living.

Please see quote below for the work above.

Replace Consumer unit for duel RCD type £315
Rewire front lantern in trunking with switch £30 (assuming the existing light works)


What do people think of this?

SerialRenter

fluffy123 wrote: »

Replace Consumer unit for duel RCD type £315
Rewire front lantern in trunking with switch £30 (assuming the existing light works)


What do people think of this?

I won't comment on prices but RCD's are there to stop you dieing from electrocution, very important to have a modern consumer unit!

If you don't want to use the front luminaire, would it be worth doing anyway if it's only £30? might be good to have when you come to sell.

Also worth noting that the requirements for consumer units was changed slightly in the latest revision of the wiring regs (2015).

fluffy123

Thanks -

Price wise, seems reasonable enough. I just debated whether a rewire was required but judging by this, it's not? I'm assuming adding extra sockets would bump up the cost but would not require massive work....?

Pete9501

fluffy123 wrote: »

Thanks -

Price wise, seems reasonable enough. I just debated whether a rewire was required but judging by this, it's not? I'm assuming adding extra sockets would bump up the cost but would not require massive work....?

Ah, now that depends on what you want. Single sockets convered into doubles not too bad, but extra sockets in different locations means carpets and floor boards up, cutting into plaster and brick work or having unsightly surface run wiring and surface mounted boxes like an office. Oh and a shed load of mess whilst its happening.

We are doing ours slowly room by room and have gone for doubling up the sockets in the most part, but have sockets mounted in skirting boards in the bedrooms. Hopeless as plugs don't fit because the wire touches the carpet, so that will be skirting off cut the plaster and mount further up the wall. then make good again.

AlexMac

All sounds fair and judging by the electrician's reasonable quote you may as well pay a couple of hundred more to beef up the number of power circuits as these will enhance your enjoyment of the house. Just remember to keep the certificates for when you eventually sell.

A three grand retention seems OK if you can cope with the cashflow. I once had a mortgage offer with a 100% retention (from NatWest) pending four surveys; timber/damp, full structural, trees (the street trees 10m+ away!) and a roof survey! So I switched lender pronto.

Good luck with the Timber damp report- as many have said on this forum, it's in the interests of the sales staff who offer 'free' surveys to scare you with their damp meters and find expensive problems, so it may be worth paying for one, having had a quiet word prior with the surveyor.

fluffy123

Cheers guys - Well submitted the electrical report and email from electrician to the mortgage company who've now said that the email text (detailing the quote for the work etc) needs to be on headed paper with the companies name etc - so now I've got to go back to the electrician to ask him to do this. No mention of this anywhere so I assumed the official report and then the email text would suffice, I wish they'd have mentioned that issue earlier....grrr...

fluffy123

Hi all,

Just received the damp/timber report and have been advised the following:

''You will be pleased to hear that we are not recommending any specialist remedial treatment at this time.
However our survey has been based on a visual inspection only together with any readings which could be taken of existing surfaces. Furthermore the property remains at risk in principle and we cannot give any assurance that such repairs would not be necessary in the future.''

Is that going to wash with the mortgage company? There is a report enclosed with all details as well but are the company just covering their backs and it seems okay in principle?