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The Mortgage Route A to Z
Homebuyers or flat buyers report

This glossary or A to Z should help clear up any confusion as to what terms mean what in the mortgage and insurance industry

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Letter H

Homebuyers or flat buyer's report

Carried out by a Royal Institute of Chartered Surveyors, Chartered Surveyor a homebuyers report is a more detailed inspection of a property than a basic mortgage valuation.

The report will consist of in excess of 12 pages and will cover all aspects of the property such as floor walls plumbing electric roof and external decoration.

This type of report is designed to give more consumer protection.

The surveyor will not normally actually state that there is a particular problem if he is aware of one, what he will do is advise you to contact a suitable specialist to ascertain the extent if any of any defects he may think is evident in the property.

This type of shopping list of faults is very important if you are not familiar with properties and the type defects that they can have.

It is always best advice to get a full homebuyers report for the level of information and protection that they can give.

Many lenders will offer this type of report at an additional cost and it is advisable to get the lenders surveyor to carry it out as ultimately it will be cheaper this way than having the necessary valuation report from the lender and paying for an additional homebuyers report yourself. It does not limit your protection at all using the lenders surveyor, as once you instruct him to carry out the homebuyers report he then works for you and as such is obligated to you.

FSA declaration and important text about mortgage advice