You have made an offer on a property, it’s “subject to survey” so now it’s time to actually order and organise your RICS Homebuyer Property survey.

Time to get your Homebuyer’s Report – A RICS property survey

Why have a Homebuyer’s Survey Report?

You made an offer on a property which was “Subject to Survey”. Both you and your lender are keen to establish if your new property needs any repairs carried out, to bring it up to the RICS standard. The Royal Institute of Chartered Surveyors.

You can choose from one of the following surveys …

• The RICS Condition Report – Property Condition Only
• The RICS Homebuyer Report – Property Condition and Valuation (The most popular report)
• The RICS Premium Building Survey – Property Condition, Valuation and Repairs with Approximate Costs / Urgency

What do you do after the Survey has been completed and you have the report?

If your property has had a Survey and it needs repairs you now have 3 options:

1. Speak to the seller via your estate agent to get the property brought up to standard before you take ownership.
2. Consider the costs involved in making the suggested repairs and reduce your offer. Important –discuss this option with your Mortgage Adviser.
3. Walk away and look for another property (Remember if you have abortive insurance and your purchase is covered, you can start again and not lose any money)

The most important task is to discuss with your Mortgage Adviser which of the 3 options above you are thinking of doing.

Your adviser will need to get confirmation from your mortgage lender that the route you are considering does not limit your expected loan.