Search


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

The HomeBuyer Report explained

22 April 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
6 July 2020  |  Admin
Temporary reduction in Stamp Duty Land Tax

On the 8th July 2020, the chancellor announced a temporary reduction in Stamp Duty Land Tax until the 31st March 2021.

Please see the link below for dull details

https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates

1 July 2020  |  Admin
Testimonial by Ryan Jones of Winkworth Estate Agents

‘These are definitely uncertain times in the housing market, where we rely on a number of factors especially conveyancing. Throughout the lockdown period many solicitors and conveyancers just couldn’t get the system right to work from home, but out of this Suremove Property Lawyers stood out as the one that could. Pretty much immediately the teams at Suremove had everything in place to work smoothly and reliantly from their home bases.

 

1 May 2020  |  Admin
Is it really 'Business as usual'?

Kelly Fleming discusses working in lock down.

Is is reall 'Business as usual'? I keep hearing this, but I don't believe it!

I think transferring an office of twenty two people to their individual homes for six weeks is far from 'business as usual'.

Click here to see more: /user/downloads/SureMove lockdown article.pdf

 

SureMove Property LAwyers