Tuesday, 26 January 2016 00:00

Surveyors Association Calls for Clearer Advice for Homebuyers

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The Residential Property Surveyors Association (RPSA) has called for clearer advice for Homebuyers when purchasing a property. They are calling for all mortgage lenders to emphasise the importance of obtaining an independent survey of the condition of the property they are about to buy.

http://www.todaysconveyancer.co.uk/surveyors-association-calls-for-clearer-advice-for-home-buyers-cms-15309

Property buyers often confuse a Lender Valuation Report with a Homebuyer Survey

A Valuation Report is for your lender. A Homebuyer Survey is for YOU. The two things are different and should not be confused with eachother. The difference between them is:

  • A Lender Valuation Report - A report that tells your mortgage lender that the property is worth the purchase price or price you have negotiated for the property - Almost a financial health check. If a property is not worth accepted purchase offer, then the lender either withdraws from lending the money or will offer a lower amount that they will lend.
  • A Homebuyer Survey - It tells the buyer (YOU) about the property condition and what is required to bring it up to a RICS standard. – A property condition health check.
  • If a property requires a number of repairs, then the buyer can pull out of the purchase or they can renegotiate the purchase price. When purchase offers are made they are usually made 'Subject to Survey'

    Homebuyers and Investors need impartial advice from experts.

    So in summary the RICS Homebuyer Report Survey acts for both Lender and Buyer - This explains the confusion. The Homebuyer pays for this report, even though the lender uses the information as well.

Read 589 times Last modified on Tuesday, 26 January 2016 12:58

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Homebuyer Surveying in partnership with the Homebuyer Conveyancing panel provides you with access to a nationwide network of RICS chartered Surveyors. You can order the right property survey for your needs. You can choose between The RICS Condition Report - Property Condition Only, The RICS Homebuyer Report - Property Condition and Valuation, The RICS Premium Building Survey - Property Condition, Valuation and Repairs with Approximate Costs / Urgency. You found a property and made an offer ‘Subject to Survey’ it is now important that you take note and act on your Survey results. Consider making a lower offer! remember the repairs will still need to be organised.

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You can also get a Conveyancing quote online with us. Our conveyancing search filters provide specialist conveyancing quotes. Help to Buy, Right to Buy, Shared Ownership, and Transfer of Equity.

You can also search for a specific Lender Conveyancer that is on your approved mortgage conveyancing lender panel. This is often applicable when you have a loan / mortgage.

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