A Homebuyer’s Report is one of several different types of report that can be purchased by the buyer of a property. The report comprises a valuation undertaken by an approved valuer, usually a qualified member of the Royal Institute of Chartered Surveyors (RICS). Qualified members have the designation MRICS or FRICS after their name.
The RICS Homebuyer Report will include comment on the general condition of the property, a ‘market valuation’, a valuation ‘for insurance purposes’ (an estimate of the cost to rebuild) and may also include notes to the buyer about specific items requiring attention, maintenance or further inspection/assessment.
Most lenders have approved ‘panels’ of valuers. It is important to make sure that your surveyor is on the appropriate panel for your lender, otherwise the report will probably not be accepted.
It’s worth trying to instruct an approved panel surveyor in your local area who is familiar with the type of property you are buying and the local area. A local surveyor will usually be better placed to provide an accurate valuation as they’re valuing that type of property in the same location every week.
Whilst you will be required to pay the costs of a Homebuyer’s Report, it is usual for the lender to require a mortgage valuation anyway and so they may need to be named on the report also so that they can rely upon the surveyor’s advice. Your conveyancer will be able to advise you on this.
The lender is simply interested in making sure that the valuation indicates that the property is worth enough to satisfy their lending criteria (e.g. Loan to Value Ratios, etc). This does not necessarily mean that the property is worth the sum that you have offered and it certainly does not mean that the property is necessarily structurally sound. This is why a homebuyer’s report might be useful to make sure you are not buying ‘a pig in a poke’!
If your chosen property is older or more unusual then you’d be well advised to consider a more detailed ‘building survey’ also referred to as a ‘structural survey.’ It will look in more detail at the structural condition of the property you are buying but the terms and conditions of such a report are likely to vary from a Homebuyer’s Report.
In most cases, especially when buying a new home, a Homebuyer’s Report is considered sufficient.
Also see our Valuations and Surveys page for more details.
For a free protection check, please contact us on 01628 507477.
Download our Free First Time Buyers Guide
Recent posts
Skipton Building Society launches ‘Delayed Start’ mortgage meaning first time buyers won’t be required to make repayments for the first three months.
According to a survey by Skipton, first time buyers who bought their home in the last five years found that in the first three months of living there, they were spending upwards of £30,000.
Gardening Tips for Beginners
5 days ago
If you have recently moved into a property with a garden that requires a little TLC, or you’d like to get on top of your current green space, check out our tips.
The Family-Backed Mortgage from NatWest
8 days ago
High street lender, NatWest, have launched a new product to help first-time buyers purchase a property with assistance from a family member or friend to get them on the property ladder sooner.
‘Buy Now, Pay Later’ (BNPL) schemes, such as ‘Klarna’ are short-term loans that allow shoppers to make a purchase, but delay paying for it for an agreed amount of time.
Klarna is one of the most popular BNPL services with 18 million customers in the UK alone, and offers interest-free payment options which is appealing to shoppers. However, does it affect a mortgage application?
Buy to Let mortgages: what's happening?
14 days ago
We look at how to get the best Buy to Let mortgage rate, what's in store going forward, and options as a landlord with increasing costs.
UK mortgage rates following Trump’s Tariffs
23 days ago
Throughout this past week, lenders have continued to reduce their mortgage rates giving borrowers in the UK some welcome news following the change in global tariffs under US President, Donald Trump.
Effective ways to relieve stress
23 days ago
Did you know that buying a house, or relocating is in the top 10 most stressful life events?
Stress of course is an unavoidable part of life and there are many reasons why people experience stress, not just buying a house!
There are lots of effective ways to manage and reduce stress, check out our tips to help you.
With the stamp duty relief ending in England and Northern Ireland, we have listed the top 10 cheapest areas for first-time buyers as published by Rightmove.
More information
Trusted by
