Buy to Let Landlord – electrical regulations
It is a criminal offence under the Electrical Equipment (Safety) Regulations (1994) to ‘fail to ensure that the electrical system and appliances are safe’.
Professional landlords have electrical reports conducted and any necessary works implemented prior to their property being let out. The works have to be carried out by a professional contractor who at the end of the job will issue a BS7671 Installation Certificate to confirm the work complies with the rules and a Building Regulations Compliance Certificate to say that it meets building regulations.
If landlords do not comply with these rules they could face high penalties. If you have a House in Multiple Occupation (HMO), the electrics should be inspected and tested at least every 5 years by a competent professional and a certificate obtained. Also, there should be adequate light fittings.Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The overall cost for comparison is 7.1% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There may be a fee for the mortgage advice. The precise amount will depend on your circumstances, but we estimate it will be 1.5% of the loan amount with a minimum fee of £500 added on to the loan.
Mayfair Consulting Limited is an Appointed Representative of The Mortgage Times Group Limited, 279 Tottenham Court Road, London , W1T 7RJ , which is authorised and regulated by the Financial Services Authority no. 303007.
