Search


Visa, Visa Delta, Visa Electron, MasterCard, Maestro, Solo

The HomeBuyer Report explained

Monday, 18 March 2019  |  Admin

When you buy a property it is always a good idea to arrange for a HomeBuyer Report to be prepared by a member of the Royal Institute of Chartered Surveyors (RICS).

The HomeBuyer Report is more detailed than a mortgage valuation, which is only concerned with assuring your lender that the property is sufficient security for their loan.

The HomeBuyer Report gives information about the condition of the property and should highlight any areas that need attention.

What the HomeBuyer Report will contain

The report will include details of the following:

  • An open market valuation (optional)

  • General information about the property and its location

  • An estimate of rebuilding costs for insurance purposes

  • Assessment of any damp-proofing, drainage or insulation (but no testing of the drains)

  • Damp test results

  • A list of points requiring urgent attention

  • Details of major faults

It should be noted that the surveyor will only look at visible parts of the property. This means that for example faults beneath the flooring, behind walls or in drains will not be included.

What to do with the HomeBuyer Report results

The report will rate the property’s condition with one of three ratings. Condition rating 1 means no repair needed, rating 2 is for defects that need repairing or replacing but are not considered serious or urgent and rating 3 is for defects that are serious and/or need urgent repair, replacement or investigation.

If you are unclear or concerned about any points in the report, ask the surveyor to explain it them.

You should then obtain quotes from qualified professionals for the work needed to rectify any problems.

Contact the estate agent, sending copies of the quotes, and ask to renegotiate the price to take account of the required expenditure.

You will be in a good bargaining position as it is likely that any future buyer will also come up with the same problems on their HomeBuyer Report.

Cost of a HomeBuyer Report

Fees start at around £400 for a HomeBuyer Report. It is always worth investing in one as it should mean you can avoid nasty and expensive surprises down the line and also reduce the price you pay. You will go into the purchase knowing exactly what work needs to be done and be able to plan accordingly.

Latest News
Monday, 7 October 2019  |  Admin
What is the difference between exchange of contracts and completion in conveyancing?

The two most important milestones in any conveyancing transaction are the exchange of contracts and completion. We look at the difference between them.

When you have an offer on a house accepted, or you accept an offer to buy, the next step is to instruct a solicitor to act on your behalf.

 

Monday, 30 September 2019  |  Admin
What happens if my landlord passes away?

If a landlord dies, then the person who takes the role of administering their estate becomes the new landlord. This is known as being an ‘accidental landlord’

When your landlord passes away, you may then have to deal with someone who has never been a landlord before and isn’t familiar with the obligations it entails.

 

Monday, 23 September 2019  |  Admin
Points to consider when buying a property abroad

Buying a home abroad is a dream for many people, but you should proceed with caution as there can be many pitfalls to avoid.

Owning a home overseas can be a great way to escape, as well as somewhere friends and family can enjoy and even a good investment. But you need to do your homework before buying.

 

SureMove Property LAwyers