Agreed the sale what next?

 

You need to have a Valuation Report…

 

This is a limited assessment of the property, which is compulsory by banks and building societies to assess the property for mortgage lending purposes.

 

Why do they do this?

 

It will define the price of the property in its current state.  The report does not cover the disrepair unless it is to a level, which may affect the saleability.  A valuation report is for purchasers in search of assistance or clarification that the price agreed is the right price.

A Property Condition Report and Valuation is carried out.  This report is not for properties which are of unusual construction or are older or exceptionally large.  This is the most regularly used report.  An in depth assessment and description intended to give you, the purchaser all the information in an easy to understand design.

The seller is also provided with a valuation and Energy Performance Assessment. 

 

Why is this report so frequently used?

 

• ·         Recognition of any urgent repairs needed
• ·         Advice on points your legal adviser ought to verify
• ·         Advice on any further investigations possibly required
• ·         Advise on  market value 
• ·         Advice on future resale.

You also need a Structural/Building Survey…

 

This is an all-inclusive survey report.  You can adapt the report to your own needs and to the type of property you are selling, i.e. testing of services, electrics, plumbing, heating.   This report is suited to older or unusual properties.

Breakdown of the report:

 

• ·         Agenda of suggested maintenance
• ·         Photographs
• ·         Detailed examination
• ·         Technical analysis
• ·         Emphasis on structure and condition
• ·         Energy Performance Certificates (EPC)

 

Why is a HIP (Home information Pack) compulsory?

 

A HIP is carried out by a qualified Home Inspector and Domestic Energy Inspector.  A HIP is provided to the prospective buyer when the property is marketed.  The HIP report provides information on the Energy Efficiency, Carbon Emission and heating costs of the property.

 

What is a Royal Institute of Chartered Surveyors (RICS) Homebuyer Report & Valuation report?

 

This is similar to Home Condition Report and Valuation.  However slightly more detailed advice about the cause defects and required repairs.  This is produced by RIC’s and used by surveyors to help clients to decide if they want to proceed or not, decide if they have agreed and the ‘right’ price.  A RICS assessment is vital before the exchange of contracts.

 

Home Condition Report

 

This is needed before you market/sell your home.  The report is included as part of the HIPS. You are able to highlight any maintenance issues, which would arise at survey stage for the purchaser and put them right before agreeing the sale or market your property with the costs of repair taken into consideration. This eliminates further negotiation close to exchange stage in the sale, or potentially the purchaser pulling out.