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Remus2004
Remus2004, Barrister
Category: Property Law
Satisfied Customers: 2451
Experience:  Over 5 years in practice.
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Good afternoonI co-own a property with someone in the UK,

Customer Question

Good afternoonI co-own a property with someone in the UK, and I'm currently going through the process of selling my share to the other owner.I have agreed with the other owner to split the costs of all necessary fees for the buy-out to occur. As part of the sale, the solicitor looking after the Transfer of Equity has indicated that they need an NICEIEC, however, when we purchased the property in 2014, neither party's solicitors requested or presented an NICEIC certificate.So my question is: is it compulsory (legally or from a lender's perspective) to have an NICEIC certificate for a buy-out transaction to occur/complete (or sale to a third party for that matter)?If it is not a necessity for a buy out to proceed from a legal or lender's perspective, I will not be obliged to pay for the certification including any remedial works that may be required for certification.I look forward to hearing your response.Kind regardsNamalee Weerasekara
Submitted: 1 year ago.
Category: Property Law
Expert:  Clare replied 1 year ago.
Thank you for your questionMy name is ***** ***** do my best to help you but I need some further information firstIs this a Commercial or a Residential property?
Customer: replied 1 year ago.
Hi Clare. This is a residential property. The other owner I'm selling to may choose to rent it at a later date, but for now, she intends to use it as their home immeditately after purchase.
Expert:  Clare replied 1 year ago.
Is there a mortgage on the property?
Customer: replied 1 year ago.
Yes, there is a joint-mortgage on the property that she is taking over in her name. She will be buying out my share through her own means (rather than releasing equity form the said property to do so).If it helps, we have corresponded a couple of weeks ago about another inquiry about this buy-out.ThanksNamalee
Expert:  Clare replied 1 year ago.
What electrical work has been done in the last ten years?
Customer: replied 1 year ago.
Yes we replaced the fuse board and added some new power sockets and light pendants when we bought it in 2014. Unfortunately we didn't know to ask for an niceic certificate at the time. We have since had a registered electrician visit for certification last week, who quoted £1000 worth of remedial work for a certification, though they said that it is safe to use and live in. They said the work isn't compulsory but is recommended. We have lived with the new electrics without trouble for two years now.Is it compulsory to obtain an NEICIC certificate for the buy-out to proceed?
Expert:  Clare replied 1 year ago.
The Certificate is required now because of the work that you have had done.I assume the Electrician will not issue a certificate?