The Homebuyer Service is in a standard format and is designed specifically as an economy service.
Before you decide to go ahead and commit yourself legally, you can minimise the risks by asking a qualified surveyor to answer these questions for you:
It therefore differs materially from a Building Survey in two major respects. It is intended only for particular types of home: houses, flats and bungalows which are:
- Conventional in type and construction
- Apparently in reasonable condition.
It focuses on essentials: defects and problems which are urgent or significant and thus have an effect on the value of the property – although it also includes much other valuable information.
The Homebuyers Report, unlike a Building Survey, provides not only a survey but also a valuation as an integral part of the Service.
The inspection, the report and the valuation – are all explained in detail in the accompanying description of the Homebuyer Report, but the highlights are:
This is an economy package. Because of the practical limits on the type of property and on the scope of its coverage, the Homebuyer Report is priced mid-range – more expensive than a Mortgage Valuation, but less than a Building Survey.
The surveyor’s main objective in providing the Service is to assist the prospective homebuyer to:
- make a reasoned and informed decision on whether to go ahead with buying the property
- take account of any repairs or replacements the property needs and;
- consider what further advice you should take before exchanging contracts (if the property is in England, Wales, Northern Ireland, the Isle of Man or the Channel Islands) or concluding an offer (if the property is in Scotland.
The surveyor gives condition ratings to the main parts of the main building, garage and some outside elements. The condition ratings are described as follows:
Condition Rating 1
No repair is currently needed. The property must be maintained in the normal way.
Condition Rating 2
Defects that need repairing or replacing but are not considered to be either serious or urgent. The property must be maintained in the normal way.
Condition Rating 3
Defects that are serious and/or in need to be repaired, replaced or investigated urgently.