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Buying a house with old electric wiring

  • 02-10-2019 8:40pm
    #1
    stevek93
    Registered Users, Registered Users 2 Posts: 3,097 ✭✭✭


    Hi all,


    I got sale agreed on a property with old electric wiring dating to the late 1960s, old ceramic fuse board and original wires and fittings. I am willing to get the home rewired once it comes into my possession. I am worried that the bank will not approve the mortgage because of it, if they don't approve it no lender will approve it I'd imagine? Or will approval go ahead if I can prove that I will resolve the wiring once in my possession or will it not be an issue? Not to sure about this one.


    Thanks


Comments

  • #2
    redved
    Registered Users, Registered Users 2 Posts: 298 ✭✭redved


    No bank will care about the condition of the wiring. Wouldn't worry about it
    stevek93 wrote: »
    Hi all,


    I got sale agreed on a property with old electric wiring dating to the late 1960s, old ceramic fuse board and original wires and fittings. I am willing to get the home rewired once it comes into my possession. I am worried that the bank will not approve the mortgage because of it, if they don't approve it no lender will approve it I'd imagine? Or will approval go ahead if I can prove that I will resolve the wiring once in my possession or will it not be an issue? Not to sure about this one.


    Thanks


  • #3
    stevek93
    Registered Users, Registered Users 2 Posts: 3,097 ✭✭✭stevek93


    redved wrote: »
    No bank will care about the condition of the wiring. Wouldn't worry about it


    Thank you, I read on a electricians website that you will not be able to sell a house with old wiring but maybe it was to draw in customers.


  • #4
    Kenno90
    Registered Users, Registered Users 2 Posts: 3,184 ✭✭✭Kenno90


    The banks only care about the value of the property. They need to ensure that they can use the house as collateral if you stop paying.

    If you're willing to spend the money on getting it rewired then you'll have no problem.

    Good Luck


  • #5
    Shefwedfan
    Closed Accounts Posts: 18,958 ✭✭✭✭Shefwedfan


    Have you priced the rewire before you buy? It’s not as easy as people think and is big expense


  • #6
    stevek93
    Registered Users, Registered Users 2 Posts: 3,097 ✭✭✭stevek93


    Shefwedfan wrote: »
    Have you priced the rewire before you buy? It’s not as easy as people think and is big expense


    Yes I have a family member 9 doors down who recently got their home rewired same build.


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  • #7
    ted1
    Registered Users, Registered Users 2 Posts: 23,903 ✭✭✭✭ted1


    Do they even check ? They only look for a valuation not a survey.


  • #8
    Cuddlesworth
    Registered Users, Registered Users 2 Posts: 14,012 ✭✭✭✭Cuddlesworth


    ted1 wrote: »
    Do they even check ? They only look for a valuation not a survey.

    The valuation takes into account a basic property survey. The bank compares the price the person is paying for the property, against the amount of work needed on the property. They then check to see if you have the money to make the place livable. If the wiring works, then technically it doesn't have to be replaced so it doesn't matter.

    Or at least they were doing that.


  • #9
    ted1
    Registered Users, Registered Users 2 Posts: 23,903 ✭✭✭✭ted1


    Cuddlesworth wrote: »
    The valuation takes into account a basic property survey. The bank compares the price the person is paying for the property, against the amount of work needed on the property. They then check to see if you have the money to make the place livable. If the wiring works, then technically it doesn't have to be replaced so it doesn't matter.

    Or at least they were doing that.

    An estate agent does the valuation survey. They are not fit to comment on electrics.


  • #10
    L1011
    Registered Users, Registered Users 2 Posts: 71,188 ✭✭✭✭L1011


    stevek93 wrote: »
    Thank you, I read on a electricians website that you will not be able to sell a house with old wiring but maybe it was to draw in customers.

    Zero legal restrictions on doing it, nor do lenders care. Buyers may use it being called out in a survey to try negotiate prices down; that's a completely different issue though.


  • #11
    Edgware
    Registered Users, Registered Users 2 Posts: 5,874 ✭✭✭Edgware


    L1011 wrote: »
    Zero legal restrictions on doing it, nor do lenders care. Buyers may use it being called out in a survey to try negotiate prices down; that's a completely different issue though.
    Correct. The lender will lend on the basis of the current ( no pun intended) value. They just want to besatisfied that if you default they have an asset to recoup the loan


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  • #12
    SozBbz
    Registered Users, Registered Users 2 Posts: 1,889 ✭✭✭SozBbz


    banks don't care per se, but the insurance company might.

    and you need to have home insurance in place in order to draw down any funds.


  • #13
    Graces7
    Registered Users, Registered Users 2 Posts: 32,634 ✭✭✭✭Graces7


    IS the power still connected or within the time limit needed before ESB will demand an electrician's inspection before reconnecting?


  • #14
    stevek93
    Registered Users, Registered Users 2 Posts: 3,097 ✭✭✭stevek93


    Graces7 wrote: »
    IS the power still connected or within the time limit needed before ESB will demand an electrician's inspection before reconnecting?

    It is still connected but I wonder if the bills aren't being paid how long will ESB keep it connected for?


  • #15
    Graces7
    Registered Users, Registered Users 2 Posts: 32,634 ✭✭✭✭Graces7


    stevek93 wrote: »
    It is still connected but I wonder if the bills aren't being paid how long will ESB keep it connected for?

    That is interesting. If even the standing charge is not being paid? Maybe ask the agent as this must be a common enough occurrence. Presuming the current owner?


  • #16
    Claw Hammer
    Registered Users, Registered Users 2 Posts: 6,548 ✭✭✭Claw Hammer


    stevek93 wrote: »
    It is still connected but I wonder if the bills aren't being paid how long will ESB keep it connected for?

    If bills aren't being paid the supply will be cut off a week or 2 after the second bill has become due. It happens all the time when people can't or won't pay.


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