VENDOR SURVEYS

In recent times the Government made what turned out to be an aborted attempt to introduce, in effect, a 'Vendor Survey' as a mandatory part of the house selling/buying process. It was to be called a 'Home Condition Report (HCR)'. It failed to be introduced (as part of the Home Information Pack) for a number of reasons - not least because there were not enough specially trained 'Home Inspectors'. One of our Partners, Stephen Scott-Fawcett, was one of the first Home Inspectors to be appointed in the UK, in fact. However, in truth, the HCR was not the best designed product. It was not a Building Survey Report, rather it was a report on condition (only) and did not fully address structural matters or warn of potential future problems. Put simply, had it been introduced, it would have slowed the process of buying/selling down - the complete opposite to the Government's original intention!

However, the idea of a Vendor Survey is a good one. Why shouldn't the vendor have a fully-transferable and independent survey carried out before the property is put on the market? It would serve as a kind of 'M.O.T'. It would help to identify a proper asking price. It would make the process totally transparent. It would be wholly transferable to a bona-fide purchaser without fear of partiality.

National legislation is not required to make this happen. Since 1991, Martin and Mortimer has been pleased to offer Vendor Surveys. The fee is initially paid by the vendor. However, upon exchange of contracts, the purchaser agrees to reimburse the fee (in whole or part) whereupon the surveyor will issue a complimentary copy of the vendor survey to the purchaser together with a Certificate of Transfer of Liability. If the vendor survey is more than 6 months old, the surveyor will carry out a brief reinspection for a nominal fee (usually paid for by the vendor and issue a Certificate of Update.

A Vendor Survey need not wait till a property is to be sold. It can be carried out anytime - rather like a standard health check with the doctor. It can be updated periodically, again for a nominal fee, whereupon a Certificate of Update will be issued.

For more information contact us on 01480 495454 - without obligation.