As well as providing an energy efficiency survey Home Condition Reports ensure that any information that might delay or prevent a sale is available at the very start of the transaction.
Late availability of condition information frequently causes problems. Research suggests that 43% of failed transactions do so as a result of problems revealed by a valuation inspection or condition survey after terms have been agreed.
The cost to consumers can be around £1,000 per transaction. Moreover, even where transactions do not fail they are often delayed whilst renegotiations take place. In a chain situation the effects go well beyond those directly involved. The Home Condition Report ensures that condition problems are identified up front at the start of the process.
Advantages for buyers.
For buyers the costs of a survey aids the making of an offer which reflects the true condition of the property, and may help in preventing any unexpected bills after moving in.
Advantages for sellers.
These include: helping sellers make decisions about how much to ask for their home, and giving them the option of having any necessary work done, or else getting quotes before they market the property.
For both seller and buyer there is much less risk that the transaction will be delayed or fail due to problems with the condition being revealed later by the Mortgage Lenders survey.