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What do I need to consider if I am buying a leasehold property?
David Moor - Home Buyer Surveys & Home Buyer Reports
Home Buyer’s Report and Home Buyer’s Survey in Harrogate, Wetherby, Leeds & Yorkshire
What Is A Home Buyer’s Survey?
A major part of the home buying process is having a home buyer’s survey (or a home buyer’s report) conducted. This is a report carried out by a building surveyor that draws attention to any defects or defaults in a property.
A home buyer’s report is conducted in a standard form that has been created by the Royal Institute of Chartered Surveyors. It has been designed in a concise, standardised format and is intended for homes that are:
- Conventional in type or construction
- In apparent reasonable condition
These criteria tend to mean that home buyer’s surveys are most suited to buildings that are under 150 years old. Older buildings will need more thorough surveys because they are more likely to be in adverse condition.
The Value Of A Home Buyer’s Survey
A home buyer’s report focuses on the essentials of a property, identifying defects and problems that have an immediate effect on its value.
They allow the purchaser to make a reasoned and informed judgement on whether or not to proceed with the acquisition, as well as identifying what actions and decisions should be made before the purchaser enters a legally binding contract.
Most will be familiar with a mortgage valuation survey, which is compulsory for those who want to take out a mortgage. A mortgage survey confirms the worth of the property for security purposes; they do not identify anything that is wrong with the condition of the property.
Although having a home buyer’s survey is not compulsory, you are strongly advised to have one carried out on a property before its acquisition. A home buyer’s survey can often be used as a valuation that is accepted by mortgage lenders.
David Moor – Building Surveyor Leeds – Chartered Surveyors Leeds
Those looking for chartered surveyors to carry out a home buyer’s survey can contact David Moor on 01423 879211, or send an e-mail to info@david-moor.com. David Moor conducts home buyer’s reports throughout the Harrogate, Wetherby, Leeds and Yorkshire area.