RICS has introduced a new type of residential property survey.
The RICS Condition Report, which forms part of the RICS Home Surveys family, does not provide an additional price valuation, but instead is designed to complement a mortgage valuation.
An alternative to the RICS HomeBuyer Report or a building survey, the Condition Report is principally aimed at buyers who would otherwise rely purely on a lender’s mortgage valuation, rather than pay for a traditional survey.
RICS says that other types of clients benefiting from the report will be landlords wanting to assess the condition of their investments and sellers looking to highlight any problems that may potentially impact on a future sale.
As it does not contain a valuation, both RICS valuers and those not registered with the RICS Valuer Registration Scheme will be able to conduct condition reports, opening up a new market for the industry. It is also the cheapest survey that RICS offers.
The Condition Report is backed by the full authority of RICS and written in plain English, using the easy to follow ‘traffic lights’ ratings system. The report also offers details of urgent defects and a section offering advice for legal advisers.
David Dalby, RICS housing spokesperson, said: “The RICS Condition Report is a new approach to surveys