Jump to content
ElectricSpecs

scope of EICR inside/outside flat

Recommended Posts

Sharpend
3 minutes ago, Murdoch said:


That’s how I thought it would work but OP said it’s on turnover? So landlords can make a comfortable profit then. I know one that lives solely on renting our property and he’s a damn good landlord at that. So there’s got to be good money it. 

Share this post


Link to post
Share on other sites
Murdoch

I think the problems started when George Osbourne removed interest on mortgages from allowable expenses

 

around here £800 per month rents a studio flat..... it can’t be too tricky to make a decent profit on that, but a lot did their sums assuming interest was an allowable expense

 

ive got a customer with a 2 bed flat rented out .... the rental and his own home are both on interest only mortgages, and the rental from the flat is their only income 

Share this post


Link to post
Share on other sites
Sharpend

Blimey didn’t think they still offered interest only mortgages. That’s a dangerous game isn’t it, especially in current climate with the stock market not moving much since it crashed at start of pandemic? 

Share this post


Link to post
Share on other sites
Murdoch
2 minutes ago, Sharpend said:

Blimey didn’t think they still offered interest only mortgages. That’s a dangerous game isn’t it, especially in current climate with the stock market not moving much since it crashed at start of pandemic? 


they do for landlords but nobody else .... been like this for a few years

 

then there are a huge number of mortgage holders with interest only mortgages and no way to pay off the loan, other than selling the mortgaged home ......

Share this post


Link to post
Share on other sites
Sharpend

Ah yes of course a mortgage on a rental, the rental can be sold to pay off. 
👍

Share this post


Link to post
Share on other sites
Murdoch
9 hours ago, Sharpend said:

Ah yes of course a mortgage on a rental, the rental can be sold to pay off. 
👍


but I think by allowing this to happen, BTL landlords have been driving up the prices of housing .,.... making them less affordable for even more people

Share this post


Link to post
Share on other sites
Sharpend
2 hours ago, Murdoch said:


but I think by allowing this to happen, BTL landlords have been driving up the prices of housing .,.... making them less affordable for even more people


well let’s face it they ain’t worth anything anyway it’s all over inflated. 

Share this post


Link to post
Share on other sites
ElectricSpecs

Yes as you rightly say Murdoch its the lack of mortgage interest relief, which is a major factor given that this is the sinlge biggest cost for most lanlords. So yes in truth it is really taxed on a hybrid of profit/turnover but is much closer to the latter for most. Regards landlords driving up prices well yes to an extent but only because there is a demand for rental properties. The main culprit is sucessive governements for bot building enough housing......

 

Anyhow politics aside what is the best / firmest way to ask my electrician to carry out the works and give me an EICR pass without doing the surge protection in the sub main?

 

Is there some clear guidance/legislation which says that EICR is limited to the installation within the flat itself and not common parts?

Share this post


Link to post
Share on other sites
binky

I looked into BTL a few years ago, before the mortgage changes. WE worked out it would take about 5 years to recover the initial investment of making a pace tidy, solictors fees etc etc, and during that time you could have a lettuced tennant that ruins all your numbers. LOts of landlords re-mortgaged property to buy more property, and most are hoping house prices continue to rise. You can make the numbers stack up, but like all investments, it's not guranteed or as lucrative as people think. 

Share this post


Link to post
Share on other sites
Murdoch
43 minutes ago, ElectricSpecs said:

Anyhow politics aside what is the best / firmest way to ask my electrician to carry out the works and give me an EICR pass without doing the surge protection in the sub main?

 

I would ask said spark which reg no he thinks the flat isn't complying with ......

 

Then we can discuss

Share this post


Link to post
Share on other sites
ElectricSpecs

OK So i have gotten an email from the electrician today which I asked for a while ago- giving a breakdown of the work required.

 

 

He has listed the faults as follows which correspond to the niceic form below.

4 4.16No RCD protection for socket outlets used for internal use. As the main cable to the flat, this is made of twin and earth cabling which is required to be RCD protected C2 Consumer unit

 

5 4.17No RCD protection for socket outlets used for internal use. As the main cable to the flat, this is made of twin and earth cabling which is required to be RCD protected C2 – Same as above

 

 

image.png

his email also says:

 

100mA RCD Unit

As the existing submain cable is wired in twin and earth, this type of cable is required to be protected by an RCD. A new 100mA RCD unit in a new enclosure will need to be installed in the mains cupboard. This will provide the correct protection on the supply cable to the flat

 

 

 

He seems to have bundled both inside and outside into that one section which is under the heading of CU/DB which seems eroneous to me. As suggested I will go back and ask him which reg no this is needed to comply with.

 

Edited by ElectricSpecs

Share this post


Link to post
Share on other sites
ElectricSpecs
9 hours ago, binky said:

I looked into BTL a few years ago, before the mortgage changes. WE worked out it would take about 5 years to recover the initial investment of making a pace tidy, solictors fees etc etc, and during that time you could have a lettuced tennant that ruins all your numbers. LOts of landlords re-mortgaged property to buy more property, and most are hoping house prices continue to rise. You can make the numbers stack up, but like all investments, it's not guranteed or as lucrative as people think. 

 

Yes I think it's a common misconception. There are more and less profitable properties and areas of course but I think most people know someone who did well out of it when it was much much more lucrative. Back in the day with less rules/taxation, easier mortaging and rising prices you could keep on remortgaging against higher valuations and pull out equity to keep expanding your portfolio at a fair old rate. It was a gravy train for some while it lasted.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×

Important Information

Terms of UseWe have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.