PERSONAL LEGAL RESIDENTIAL PROPERTY

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RICS Home Condition Report

The Royal Institute of Chartered Surveyors (RICS) have introduced a new type of survey for residential property called a Condition Report suitable for buyers of properties of a standard construction.

The Condition Report will not provide any information concerning the value of the property as it is meant to complement a mortgage valuation report. It is aimed at buyers that would normally rely on a lender’s mortgage valuation, which is simply an assessment of the market value of the property. The purpose of a valuation report is to assist a lender in deciding whether to lend on a property and the amount to lend. Some valuation reports will comment on structural defects which are apparent but the detail of the information provided varies from lender to lender. A Condition Report will be useful for those clients who do not want to pay for a full survey. A buyer will then be fully aware of any essential works that are required and can seek further reports and negotiate with the vendor if the reports find that additional work is required.

The Condition Report may also be useful to landlords wanting to check on the condition of their investment properties.

If you are interested in a RICS Condition Report please contact RICS direct on 0870 333 1600 or email contactrics@rics.org, who will be able to refer you to a local RICS registered surveyor.

For further advice please contact Senior Associate Solicitor Francesca Humphries on 01536 276718 or francesca.humphries@tollers.co.uk. 

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