Countrywide urges Ministers to make pre-sale surveys mandatory
Surveyors, lenders and mortgage brokers in favour of legislation for pre-sale surveys claims Countrywide.
A poll undertaken by Countrywide Surveying Services has revealed that over two-thirds of surveyors, mortgage brokers and lenders are in favour of property pre-sale surveys.
71% of respondents declared their support for new legislation, while 29% were against it.
By providing buyers with as much up-front property-related information as possible will provide greater levels of transparency and efficiency.”
Matthew Cumber, Managing Director at Countrywide Surveying Services, commented: “It’s clear from these results that the industry sees significant value in pre-sale surveys as a means to help streamline the homebuying and selling process.
“By providing buyers with as much up-front property-related information as possible will provide greater levels of transparency and efficiency during such a complex and emotive process.”
The poll also delved into the practices of brokers and lenders uncovering an inconsistent approach to surveys and poor communication. Issues that would need to be addressed before any new legislation.
During the webinar it was highlighted how a fifth of brokers and lenders fail to explain the difference to borrowers between a valuation and a survey.
Barriers
Barriers to instructing a survey were also evident, with the flawed belief that the valuation is a survey for the benefit of the customer rather than the lender cited as being a primary obstacle by 54% of respondents.
Other significant barriers included a lack of knowledge (47%), cost (45%) and not being offered a survey in the first place (22%).
In terms of actively recommending borrowers to instruct a home condition survey – 39% of property professionals stated that they do so every time. 36% said sometimes, 12% suggested that this was not something for everyone, 9% replied never and 3% hardly ever actively recommend home condition reports.
Countrywide Surveying Services is a supplier of property risk management, valuations and customer surveys in the UK and part of the Countrywide/Connells group.
