The RICS has launched a new and imrpoved Survey product to aid purchasers.
The RICS Homebuyer Survey & Valuation Report (HSV) has traditionally filled a valuable place in the residential market, positioned as it is midway between the lenders valuation (Mortgage Valuation Level 1) and the Building Survey (Level 3) Report.
Research shows that the home buying public find it difficult to distinguish between a valuation and a survey.
Customers consider surveys difficult to read and understand and price sensitivity to the cost of survey products is a real barrier. It is therefore apparent that too few home buyers have surveys done and all too many rely on the lenders Mortgage Valuation as their survey report.
Following a review of the existing the product, The Royal Institution of Chartered Surveyors (RICS) is to launch a new and improved service, known as The Homebuyer Report.
The new product includes a Condition Rating system to assit with the identification of defects requiring urgent repair or replacement.
Andersons will be introducing this product to customer from early 2010.
