A handy guide to our Condition Report: why we need them, what they cost and what they mean for your property purchase.
The Condition Report gives you a clear picture of the condition of the property you are buying and is at the lowest end of the scale, both in terms of cost and the level of inspection.
It is intended for use on conventional houses, flats and bungalows that are built from traditional materials and are in apparently reasonable condition.
Mortgage Valuations are not the same as surveys. The Condition Report gives a clear and concise “snap shot” of the condition of your potential purchase on the date of inspection. This is your survey report, prepared independently for you and not your Lender.
The Condition Report is a survey which includes an inspection of your home. There is also a section which provides you with advice for your Solicitors with a clear summary of the key risks associated with purchasing your new property. The report uses a simple traffic light (red, amber, green) colour coding system to rate individual elements of the property and highlight any areas of concern. The report covers all aspects of the property, risks and legal considerations.
Condition Rating 3
Defects that are serious and/or need to be repaired, replaced or investigated urgently.
Condition Rating 2
Defects that need repairing or replacing but are not considered to be either serious or urgent. The property must be maintained in the normal way.
Condition Rating 1
No repair is currently needed. The property must be maintained in the normal way.
The Condition Report provides you with an overview that will help you understand the construction of the property you are buying, any serious problems needing attention and any areas of further investigation that need to be undertaken prior to commitment to purchase.
This new product has been developed to offer you an economic report that provides you with important information that a Mortgage Valuation does not.