About the RICS HomeBuyer Report from Stephen Saunders
Why do I need a HomeBuyer Report?
The main objective is to provide you promptly with a written report containing the information most people are likely
to require in order help you make a balanced judgement as whether to go ahead with the purchase of a particular property.
It will describe and assess all the elements of the home you are considering with Traffic
light colour coding of what
things need attention now or may involve in unseen expense some time soon.
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How much will it cost?
This is dependent on the size, age and location of the property. It often costs less than some bank and building society
mortgage valuation fees and much less than a Building Survey (formerly known as a Structural Survey). For a typical home it
will cost you from £345 for a modern two bedroom semi rising to £695 and above for a 5 bedroom detached Victorian house
costing up to £750,000. Stephen Saunders is always pleased to give a firm quote according to individual circumstances.
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What do I get?
Your HomeBuyer Report is comprehensive but easy to understand and will cover most aspects of the construction, services
and condition. It is set out in easy to understand straightforward sections and colour coded ratings and advice. It
includes a clear opinion on whether the price you have agreed is the price you should pay or a view as to what the correct
price should be. It may point you in the direction of getting estimates for repairs or specialist matters on some elements
before making a firm financial commitment. The HomeBuyer Report focuses on essentials and is limited to defects that are
urgent or significant in that they have a material effect on the value. The contents are explained in more detail below
and on other pages of this website including the
Description of the Service which includes the Standard terms of
engagement and Choosing between Surveys.
A copy is usually provided for you to give or email to your Legal Adviser or Solicitor or sent direct to them.
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What does it cover?
- An opinion as to whether the price you have agreed to pay, or are about to agree to pay, for the property makes it a reasonable proposition at that price.
- Included are a brief description of the property, its construction and the location with relevant comments.
Specific comments are given on any evidence of movement, timber decay, damp and level of insulation. Details of
the condition of the various elements of the construction including the roof, chimneys, gutters, the brickwork,
windows and other features. Comments are also made following an inspection of the loft, on the roof space, and
on ceilings, floors, walls, fireplaces, doors, kitchens and fitted furniture and the general state of the decorations.
- Observations, but not tests, are made regarding services including electricity, gas, water, heating and drainage.
- The gardens, fences, garages and other outbuildings are briefly reported on.
- Other comments are made regarding any special concerns relating to leasehold properties including flats and maisonettes - or about any obvious rights of way that could be a concern.
- You are asked in advance if you have noticed anything unusual or have a specific worry and this will be covered.
- Whenever possible Stephen Saunders will ask the present owners a series of questions about any problems with the property and whether there are any guarantees or service arrangements you should know about.
- Stephen Saunders will also report anything he knows of the history of the property or the area or if he knows of any plans that could have an impact on living in the property.
- You will get a summary of any defects he has found and his recommendations for the next step in dealing with them. Also whether you need any specialist advice about any matter he thinks you need before going ahead.
- In addition to the valuation you also get his recommendations as to the correct figure to insure the buildings for - often very different from the value.
- In summary, the HomeBuyer Report service is designed to answer most of the questions you should be asking about the property you are considering buying. Otherwise there could be serious faults you might not know about or learn of until after you've paid the price and moved in!
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Why does the Legal Adviser need to see the Report?
Your Legal Adviser, usually your solicitor, is unlikely to visit the property at all - Stephen Saunders will act as their eyes and ears. He will alert them of the need to make any appropriate extra enquiries and investigations regarding guarantees, rights of way, Planning and Building Regulations matters and other points only likely to be seen on an inspection. There are also points they need to be aware of when you are considering purchasing Leasehold property including most flats or maisonettes.
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What do you look at?
As much as is readily and safely accessible without damaging the building or upsetting the owner. It includes looking in the
roof space and checking for damp and woodworm etc., a fuller description is given on this website on the
Description of the Service page on this site that includes
the standard terms of engagement.
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Should I have a HomeBuyer Report or a Building Survey carried out?
A Building Survey (which used to be called a Full Structural Survey) is sometimes the best option but Stephen
Saunders carries out HomeBuyer Reports on most typical homes. A Building Survey might be more
appropriate if there have been a lot of alterations and extensions, or these are planned, and you want technical
advice on what has been done or what is proposed. These reports are prepared on a tailor-made individual basis
according to the client's particular circumstances and requirements. They cost more. The Standard terms of engagement for the
HomeBuyer service have a provision that, if on arrival at the property, Stephen Saunders feels
this is not the right format for this property he would suspend the inspection and get your approval for the more
lengthy and detailed type of report.
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I'll be having a mortgage – won't the Bank or Building Society send a surveyor to inspect the Property?
Not always. Now sometimes Banks will assess the property from a computer or website database and/or simply a drive-by just to check the property is actually there and not even send anyone inside. It often depends on the size of loan and with some lenders you are not entitled to see any sort of report.
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Can I use your HomeBuyer report to get a mortgage on the property?
Usually not, although Stephen Saunders has at some time carried out mortgage inspections for most major lenders. Most lenders will, quite properly, insist on having their own report and valuation that is prepared by a surveyor who is directly or indirectly employed or instructed by them. Some lenders will accept a HomeBuyer Report prepared by Stephen Saunders but please check with them first.
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My lender is sending a surveyor to value the property for them and they have offered to combine this with a HomeBuyer Report or similar style service. Surely this is a better deal for me?
Remember the lender is selling you the finance and frequently the surveying company has financial ties with the lender and/or the Estate Agent. It might be cheaper but do make a total cost comparison of having the lender's surveyor carry out the basic valuation for them, and using Stephen Saunders' services for the HomeBuyer Survey Report and Valuation. Sometimes because of high 'administration charges' there often is still a cost-saving for you and you would then have the benefit of two surveyors separate opinions.
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How quickly will I get my report?
Stephen Saunders aims to get your report to you within four working days following inspection. In urgent cases a preliminary verbal report can be given soon after inspection and the full report can be emailed.
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When do I pay?
Stephen Saunders is required to obtain your written acknowledgement of the Terms of Engagement before sending the Report to you, and this can be dealt with by email. He normally expects to have a cheque or other payment at that time and this isn't banked until the report is sent out.
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I want you to go ahead – what happens next?
Stephen Saunders will need information about the property you want to buy and about any of your special concerns. If there is an estate agent involved he will normally make the arrangements for the inspection through them. If it is a private sale he will need information as to who to contact and he can then arrange this direct. He will need your current address and contact details so that a Terms of Engagement letter can be sent to you, often by email.
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When I get the report can I talk over any matters?
Yes. Stephen Saunders hopes to answer most of the questions you are likely to ask or want to know within the report but he is happy to discuss any particular concerns or worries that you may have.
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