Surveyors Association Calls for Clearer Advice for HomebuyersWritten by Homebuyer Surveying
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.
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.
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Why Choose Us
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 Level 1 Condition Report - Property Condition Only, The RICS Level 2 Homebuyer Report - Property Condition and Valuation, The RICS Level 3 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.
Free No Obligation Advice
Need Homebuyer Surveying Advice From a Professional? – Book a call from a RICS Surveyor. Please call us on 0345 463 7664. We are here to help you.
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.
Our Service Includes:
- Finding the right Homebuyer Survey for your property purchase quickly and efficiently
- Competitive Homebuyer Surveying quotes to match your Survey needs – 3 choices
- You can arrange for a Surveyor to call you if you are unsure which Survey is best for you
- Homebuyer Surveying in partnership with the Homebuyer Conveyancing Panel focuses on delivering what the Customer needs to make an informed decision
- Our Surveying quotes are comprehensive and tailored to suit First Time Buyers, Buy to Let Investors, Residential Property Buyers and New Build Buyers that need a fast track Survey
- We also provide a online Conveyancer Finder service which can be Lender specific if required. The Homebuyer Conveyancing panel is nationwide and the members are SRA regulated Conveyancing Solicitors and CLC Licensed Conveyancers