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Buyer inspections and surveys
When you an offer and accept it, then your home might be subject to some inspections for your buyer to move ahead with the sale. There are three main types of property inspection:
- Mortgage valuation report
Your buyer’s lender may send a valuer to assess how much your property is worth and that it is in reasonable condition.
This is more about the value of the property and the overall condition it’s in, than a detailed investigation into, say damp.
- Homebuyer’s survey
The homebuyer survey or report (the title depends on which company you use), will establish whether a property is fit for sale and identify whether there is any significant repair work required. Surveyors will look for the likes of:
- Damp
- Insulation problems
- Crumbling wood and damage to timbers
- Water pressures
- Cracks
The survey can impact the market value of the property, and the initial offer that the buyer has made is ‘subject to contract’. This means the buyer may look to renegotiate the price after the survey if lots of issues are uncovered.
As the seller, you can commission a survey on your property before putting it on the market. This can reduce the risk of renegotiation subject to the report or potentially a fall-through. If you know any issues ahead of the point of sale, you can correct them or set the price accordingly.
Once the survey has been completed, you will either:
1. Proceed with the sale if the survey only resulted in minor concerns
2. Renegotiate the asking price
3. Stop the sale
Your estate agent can give you more advice on this process.
- Structural survey
A Building or Structural Survey is the most comprehensive inspection. A structural engineer or surveyor will search for potential problems and building defects. In particular, an older building may benefit from this kind of survey which would include the likes of:
- Evidence of subsidence
- Evidence of woodworm
- Hazardous material, such as asbestos
- Altered or removed walls
- Whether the necessary planning permission is in place for any DIY improvements
For more advice, please do not hesitate to contact one of our Sales Team on 01722 336 422.
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