Compensation of 60 years regulated tenant?

Compensation of 60 years regulated tenant?

14:43 PM, 24th May 2021, About 3 years ago 13

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I have inherited a property with a regulated tenant of over 60 years standing. I am aware that to gain an EICR the property will require a complete rewire. The property is immaculately maintained and decorated by the tenant.

How do I stand regarding making good the damage this will cause and the cost of uplifting carpets, moving furniture etc?

I visited the property a year ago and can see that this will be a nightmare to carry out the work with all of the furniture etc. Where would you start?

Many thanks

Autoray

 


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autoray

18:53 PM, 26th May 2021, About 3 years ago

Reply to the comment left by Martin at 26/05/2021 - 15:37
Very good advice. However this was investigated 25 years ago when my brother was alive. Due to issues of construction 140 years ago his lender (His employer actually) after a structural survey would not lend on it and it fell through. I have discovered recently that the whole row of houses are built without foundations and have always been bought without mortgage for this reason. I think that is when he did a deal with the rent with my brother and started to do up and improve the house. New bathroom, new kitchen even built a garage (with planning permission) as he had some classic cars. I spoke with a lady from the Valuation Office who control the rent and she told me that this situation is not as unusual as you may think with old protected tenancies. The tenants of his generation in general show a lot of pride in the properties and look after them and improve them. It is the new EICR regs that have caught me out . I had expected to wait the tenancy out , mind you his wife is a lot younger than him but eventually could have sold it with vacant possession . These days there are specialist lenders who would lend properties such as this. ..That's for the future

Crossed_Swords

20:27 PM, 29th May 2021, About 3 years ago

To the first comment - EICRs only just came in

Ron H-W

23:22 PM, 29th May 2021, About 3 years ago

Reply to the comment left by Crossed_Swords at 29/05/2021 - 20:27
"EICRs only just came in"
Not really, they've been around for several years.
An EICR (Electrical Installation Condition Report) is also called a PIR (Periodic Inspection and Testing Report), and some relevant web pages appear to date back to 2001 !!! [Try a Google search on the exact phrase, time-limited to before 2010, if you don't believe me.]
But it's barely 2 months ago that they became compulsory for existing tenancies.

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