Selling Property Without an EICR / Electrical Certificate
If the property that you’re trying to sell does not have an electrical certificate, this can potentially cause some complications with trying to get a fair offer from a buyer quickly.
Your top questions when selling property without an electrical certificate
✅ What does it mean to have an electrical certificate at my house or flat?
An Electrical Installation Condition Report (EICR) is a certificate issued by a qualified independent electrician that assesses whether the electrics in a property have any potential hazards or other issues. These certificates are required for rental properties, but they are buyers also often look for EICRs when they are deciding whether to purchase other homes.
✅ Do buyers have any concerns about a property that is lacking an EICR?
There are a number of reasons why a prospective buyer could worry that your property does not have an electrical certificate. Perhaps the main fear that they’ll have is wondering whether the electrics at the house or flat or safe, or if they are dangerous. A related issue could be a buyer’s concern about the costs involved with upgrading the home’s electrics.
✅ Could a buyer get a mortgage to purchase my home if it doesn't have an EICR?
It’s doubtful, because home loan providers will have concerns about the overall safety and structural integrity of a property where the standard of the electrics can’t be confirmed. If a private buyer will need to obtain a mortgage in order to fund the purchase your property, the local of an electrical certificate could make it impossible for them to buy the home.
✅ Are there any solutions for a missing electrical certificate before selling my home?
You have a few choices for resolving the lack of an EICR at your property ahead of trying to find a buyer. One option is purchasing an indemnity policy that would protect the buyer against any costs linked to the lack of an electrical certificate at your home. Alternatively, you could spend time and money on having a qualified expert issue an EICR for the property.
✅ What choices do I have for selling a property that lacks an electrical certificate?
There are typically four options for selling a home of any type, and they are selling to a quick buyer like LDN Properties, selling with an estate agent, selling at a property auction or selling on your own. Some of these methods have clear benefits, like quick buyers charging no fees, and others have obvious drawbacks like selling alone taking a very long time.
✅ How much will commission cost me when selling to a flat or house without an EICR?
If you sell your home via an auction then the average commission will be charged at 2.5 percent of the property’s sale price and be deducted from the final proceeds, whilst estate agents will usually charge fees within a range of 1.15 percent to 1.40 percent of the sale price. You’ll be no fees when selling on your own or to a zero-commission quick buyer.
✅ What is the typical timeline to find a buyer for a home without an EICR?
It will vary depending on the approach you decide to use for selling your home, because it should only take a few short weeks from beginning to the exchange of contracts if you sell to LDN Properties or another quick buyer. Opting to sell your property through an auction, with an estate agent or without any third-party help can all take at least several months.
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