RICS launch MOT for old age properties
Consumers are becoming increasingly less inclined to rely purely on lender information when taking out mortgages, and older or more unusual homes often require a greater level of repair and improvement.
The RICS Building Survey has been designed with this type of property in mind and provides the buyer with a comprehensive analysis of the property.
Armed with this information, the buyer then has the option to potentially renegotiate the price or take or leave an offer with increased confidence about their investment.
In April 2012, the consumer magazine Which? recommended that consumers commission RICS members to carry out structural surveys when buying, selling or improving a home.
The survey provides a comprehensive and easy to understand report on all aspects of the property including a full breakdown on the fabric and condition of the property with a diagnosis of defects and repairs and maintenance advice.
Mortgage lenders, estate agents and solicitors recognise their role in providing buyers with best advice about obtaining their own independent survey over and above a valuation for the lender and the need to speak to a chartered surveyor to establish what type of service is best suited.
Peter Bolton King, RICS global residential director, said: “Older or more unusual properties often require more renovation work than newer homes. When purchasing a property like this, or taking on a development project, it is important that buyers know exactly what they are getting themselves into.
“The new RICS Building Survey offers a detailed assessment of a property’s condition and is designed with more unusual homes in mind. Commissioning a survey helps homebuyers to make a more informed decision on their purchase, and gives them greater negotiating power.”