Fridaysmove's survey game could save home buyers £1,000's
When a home buyer has an offer accepted on a property, a conveyancing solicitor is then instructed to carry out the conveyancing process.
'Conveyancing' is the technical word that describes the legal process of transferring the 'title' (ownership) of a property from one person or entity to another.
In day to day use, conveyancing has become the broader umbrella term to describe all of the post offer administration and due diligence carried out by the conveyancing solicitor.
'Due diligence' is probably a better way of describing the conveyancing process, as this is exactly what a solicitor carries out on the prospective buyers behalf.
This process can unearth any number of issues that might compromise the value of the property.
Given the potential pitfalls, it is not surprising that a system has evolved where this legal due diligence is carried out on 100% of properties purchased before contracts are exchanged.
If legal due diligence happens 100% of the time, why do so few home buyers carry out structural due diligence?
It is estimated that fewer that 20% of propspective home buyers carry out a survey on the property they are buying.
Yet the structural defects discovered on a typical Home Buyers Survey can easily compromise the value of a property to a similar extent as a title defect.
Moreover a survey can reveal issues that pose a risk to the health and safety of the occupiers.
1/4 of home buyers face over £1,000 of unplanned repairs in their first year
A recent study by RICS (RICS/GfK NOP Business research) revealed that the average home buyer who relied on the mortgage valuation survey only was forced to spend over £1,000 on urgent and unexpected repairs in the first year of occupation. This is of course an average meaning some will have far higher costs.The true cost faced by home owners who do not take out
Fridaysmove survey game highlights how one buyer faced over £40,000 in repair costs
A handy little game developed by Fridaysmove reveals the less than apparent defects discovered during a homebuyers survey on a typical Victorian terraced property. Although the property looks fine, the buyers surveyor discovered £41,550 of urgent repair costs were required. The Fridaysmove Survey Challenge game allows you to inspect the property with a virtual magnifying glass and reveal the underlying problems.
RICS recommend that home buyers do not rely solely on the mortgage valuation report
The mortgage valuation report is often confused with a home survey. In fact it is commissioned in the interests of the mortgage lender and does not provide any confort or warranty about the state of repair of the property. It is essential that buyers commission an independent survey for what will probably be the most expensive purchase they ever make.