Designed by the RICS as a cost effective method of minimising risk the Homebuyer Report is designed to provide buyers with enough information to make a reasoned and informed decision on whether to proceed with their purchase.
The report covers the building inside and outside, the services and the site and includes specific sections on all the main elements including roofs, walls, floors and joinery. Each element is given a condition rating for easy reference:
Property related risks including movement, dampness and timber defects are also given their own section.
The report currently contains both a current market value and the cost of re-instatement for insurance purposes but from 12th September 2016 the RICS will allow us to offer the report without the valuation which may be more suitable for situations where a lender’s valuer will be visiting.
There is a very useful section towards the end of the report called ‘Issues for your legal advisors’ where all matters that require further investigation by your solicitor or conveyancer are summarised. The current owner has a duty to be honest when competing the property questionnaire but statements that could be confirmed by independent verification should not be relied upon.
Potential legal queries that might be highlighted in a Homebuyer Report include any ambiguity over the physical boundaries, ownership of outside space and rights of access, off-street parking, documentation relating to extensions (both to the subject property and adjoining properties) and alterations, guarantees/warranties and proposed work to areas that could not be inspected such as high level roofs.
We are always happy to provide additional services beyond the scope of the standard package, such as a specification for future works, which may be useful when sourcing a builder to undertake repairs.
You can get an idea of how useful our clients have found our survey reports to be by viewing some of their comments on our Trust Pilot reviews page.
If you are in the process of buying a property and would like to arrange an RICS Homebuyer Report please contact us today for a quote.
To help you decide which type of report best suits your needs you can browse through these case studies.
When looking to undertake works there are numerous things to consider and professionals to instruct. Drawings for planning and then Building Regulations, the structural design and calculations, party wall surveyors and perhaps a solicitor for amendments to legal titles etc. but one requirement that is often little understood is ... Read More >>
Leaseholders have the right to extend their leases under the Leasehold Reform, Housing and Urban Development Act 1993. Under the 1993 Act leaseholders are entitled to a 90 year lease extension and a reduction of their ground rent to a peppercorn. In return they must pay their freeholder compensation, call a premium. The ... Read More >>
Leaseholders have the right to extend their leases under the Leasehold Reform, Housing and Urban Development Act 1993. Under the legislation the owner of a leasehold flat has the right to request a new lease which is 90 years longer than their current lease and at a peppercorn ground rent throughout. In order to qualify ... Read More >>