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TODAY'S OTHER NEWS

Home Survey Standard: early support for RICS' survey initiative

PropTech company Landmark has thrown its weight behind the Royal Institution of Chartered Surveyors’ new Home Survey Standard, which is now out for public consultation.

The company is one of the first to respond to the consultation, which is open until July 28.

RICS says it wants to better protect buyers and sellers by ensuring they fully understand the importance and benefits of home surveys prior to purchasing.

This includes benchmarking the service levels required for ‘Level 1, Level 2 or Level 3’ surveys - although the content of each survey will not change from the current three main choices for buyers.

The consultation says a complementary goal is to clear up the current confusion over how a buyer’s survey differs from a mortgage lender valuation.

Mike Holden, managing director of Landmark Valuation Services, says: “It’s quite clear to us that, in that time, consumers today continue to confuse mortgage valuations with building surveys, and they simply don’t fully understand the differences between them. The new guidelines will make it far easier for all concerned and, as such, we fully support the introduction of the consultation and what it is aiming to achieve.”

Paul Bagust, RICS global property director, adds: “As part of our commitment to promote and enforce the highest standards in the residential sector, we are now leading an extensive public consultation to deliver a standard which ensures transparency, consistent competence and high level of service as expected from RICS professionals.

“Attaining the highest professional and ethical standards is vital to provide consumers assurance that work undertaken by home surveyors meets these standards.”

You can see the consultation yourself here.

  • Mike Lewis

    Given that the purchase of a property is the greatest expenditure we will ever undertake, it never ceases to amaze me how few people actually commission a survey.

    Oh and it's the Royal INSTITUTION of Chartered Surveyors.

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