A recent poll from Countrywide Surveyors has revealed that over two-thirds of property professionals are in favour of pre-sale surveys. A substantial 71% of respondents favoured legislation to mandate pre-sale surveys. The poll found that only 39% of property professionals consistently recommend a home condition survey.
Over half (54%) of respondents believed that a property valuation is equivalent to a survey. This belief that their lender valuation is for their benefit often prevents buyers from obtaining a Homebuyers Survey. In fact the lender valuation is limited and used by the lender simply to confirm the property is sufficient security for the loan.
A Homebuyers Report carried out by a Royal Institute of Chartered Surveyors (RICS) is an in-depth survey providing an expert assessment of the property’s condition and can highlight problems such as structural defects as well as damp, rot and subsidence. The Report would also indicate a valuation based on the property’s current condition so you can make an informed decision relating to your purchase and pay a fair price.
Whilst the cost of the Homebuyers Report is a further expense most buyers would prefer not to pay, particularly when they have to pay for the lenders valuation, it could save significant amounts of money by giving a detailed evidence based report that can be used to negotiate a lower price. It could even make a buyer reconsider purchasing the property at all!
Currently, Homebuyer Reports are paid for by the Buyers and it is thought that by providing buyers with as much up-front information such as the above mentioned pre-sale survey as early as possible in the transaction will provide greater levels of efficiency during the conveyancing process. This can be particularly beneficial when engaging with Residential Property solicitors in Oldham, such as North Ainley, who can guide you through the complexities of property transactions and ensure your best interests are protected.
If you are purchasing a new build property, a Homebuyers Survey would probably not be a worthwhile expense as the majority of new build properties have the benefit of a structural warranty such as NHBC.
For more information and advice, please feel free to contact a member of our Residential Property team.
