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Thursday, May 19, 2022

What is a homebuyers survey?

It was virtually impossible to pin down the best survey for a home in the past. When you are engaged in the purchase process, you need to survey the property you are looking to buy. Lenders insist on there being one; otherwise, they will likely refuse to lend. It is the only way they can learn about the property and if it is safe to invest in it. When it comes to this stage, Sam Conveyancing are the people to ask. Everything you need to know about conveyancing is there for you to read.

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The Homebuyers survey, or Level 2 Survey, has been designed to clarify any confusion and offer a standardised service level. In the past, lenders, conveyancers and homebuyers were faced with many choices. Different surveys would interpret properties and give conflicting reports to the lender. Many lenders started to create their own surveying teams, which was the only available option for the buyer to use. At least they were sure that the survey was going to be accepted.

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Created In association with the Royal Institute of Chartered Surveyors and the Government, the Homebuyers report was created after many years of discussion. It was made so that everyone included in the house buying process could have a reference point and a survey that all could use. The survey was meant to be for all properties over seven years and upwards. It is an extensive report that also looks at the home’s green credentials.

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