Mortgage News
Homebuyer reports set to be simplified under Rics plans
Homebuyer reports are set to be overhauled in an effort to simplify the process for property buyers.
The current system is too fragmented, the Royal Institution of Chartered Surveyors (Rics) told the Telegraph.
The trade body said it wants to improve the products received during the homebuying process to stamp out potentially high levels of confusion about services among homebuyers.
Under the new system, all surveys would be replaced with just one that instead has three levels.
The levels will explain the exact amount of information provided.
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It will wipe out the current situation where different surveyors offer varying services with a building survey, homebuyer report and condition report.
A survey standard consultation on the changes is due to launch in November.
Tom Littler from Rics told the Telegraph: “We want all surveyors, be they chartered surveyors or not, to follow the same standards so we don’t have things at different levels.”