Insurance for mortgage with failed EIC

[Wholenutislife]

We are currently purchasing a home where the seller has not been able to provide any electrical certificates. As a result we employed our own electrician and the report failed, came back unsatisfactory with 1 C1 and 7 C2s. We have the kind of mortgage where a condition is we have to provide buildings insurance upon exchange. We've looked into specialist insurance to cover the faults in the short term until we complete and gain access to have the work done, but we dont know if the rep we spoke to misunderstood us as said as we dont own the house yet we cant insure it, surely this is wrong? estimate for work is 3k. We intend to do this immediately. Any ideas please or advice? Any guidance on the best course of action? We dont want to loose the house. Thanks everyone

What are the electrical issues? Are they just that the current electrics are up to the current standards and need updating? Or are they actually an immediate fire risk?

It’s definitely doable as I’ve done it, but I went with the insurance provided by the bank my mortgage was with, as it seemed to make the process easier (though no idea why as I am sure that whilst being under the same umbrella they are actually different legal entities!)

Thank you, we will look into that

An EIC is a survey report. It does not pass or fail. C1 means there is a fault which requires immediate repair as it is dangerous. You have one of these. Without knowing what it is I have no idea how long it will take to repair.

Older houses usually have a number of unsatisfactory features. C2 faults aren’t immediately dangerous but could become hazardous if left unresolved. It would be sensible to have them done before moving in. Some of them will probably he modernisation.

When buying a house, you usually insure it as soon as contracts are exchanged. Until then you do not have an insurable interest.

I don't know what you mean by "specialist insurance to cover the faults"

I work in insurance.

You absolutely can insure buildings when you've exchanged.

But not all insurance companies (eg the main household names) will do it. It doesn't sound like much of a specialist company though if it doesn't insure from exchange

BTW immediate action on a C1 might include turning off the main switch. This will usually render the installation safe. Unless you have perished rubber cables more than 50 years old.

The first house I bought was old and neglected and the Electricity Board (as it was then) refused to replace the company fuse until I fitted a working board with a couple of sockets and isolated the house circuits. It took me a couple of hours including going to the wholesaler. I was in training at the time so the Board's connecting electrician inspected my work. Processes are more formal now.

Thanks for your reply, and this is exactly as we thought. Do you have any recommendations of companies we could approach for insurance? Thank you

Sorry, also - is it the fact that we cant do the insurance until we exchange and not before? We wondered if the confusion was that we havent exchanged yet and were just enquiring/ looking for info at this stage

You can get a quote beforehand but the start date of the policy needs to be the exchange date.

I will message you