Pre-Sale SurveySubscribe to newsletter
Cooper Adams is always looking how to improve the moving process.
Most people want a house move to be faster and more secure.
The current UK process of agreeing a sale, taking a while to get the legal papers done, the buyer having a survey can take four months or more (with slower agents). At the eleventh hour, either side can start to get cold feet and walk away – scot-free.
We are always looking at ways to improve this process. We already collate all the property information upfront, speeding up the legal work and making the buyer fully aware of this information at the outset. We also already legally lock a buyer and seller into a Reservation Agreement to stop them from pulling out on a whim. So in essence we are quite strong already in keeping transactions secure - but we still strive to improve.
Very occasionally (with us) a buyer is allowed to still pull out 1. If there is a problem in the chain (out of our control) 2. They cannot get a mortgage (we check this before we agree a sale so it doesn’t come up) and 3. A survey throws up major works needed.
Number three on the list above is one a seller can control.
In our pursuit of more sales completing we can now offer Pre-sale surveys.
Every day in the UK a buyer pulls out due to defects on surveys.
A seller can have this survey done before launching to the market. Any works needed can be done or brought to the attention of a buyer at the time of viewing and before making an offer. Buyers are always aware of works needed to properties. Being presented at the outset means more transparency right at the start.
Some sellers will get the works done – it’s like selling a property with a full-service history and brand-new MOT. Being upfront can give a buyer more trust in the property.
Some sellers will make the survey available to viewers so a buyer knows exactly what works will be needed. No hidden surprises to stop a sale later on.
A buyer may still commission their own surveyor but no new defects should be discovered.
For an older three bedroom semi-detached house, the Pre-sale survey cost would be around £400 including vat. A seller may wish to advertise their home at a higher price after resolving any issues the survey uncovered.
This Pre-sale survey is completely optional – yes it’s an extra expense for the seller and some sellers will be happy to do this, others will not. Cooper Adams wants to help the process but our client’s wishes are final on this. We are not judgemental at all whether the sellers choose this option or not.