Surveys - Why they're needed and what they mean

✅ What this milestone means

Your buyer has booked and completed their inspection of your home. Depending on their lender and personal appetite for detail, this could be:

• Mortgage valuation – a brief, lender-ordered check to confirm the property is worth the agreed price.

• Level 2 HomeBuyer Report (RICS) – an on-site inspection looking at visible issues (damp, roof, services) and giving condition ratings.

• Level 3 Building Survey – the most in-depth option, suitable for older or altered properties; the surveyor inspects loft, sub-floor voids and structural elements.

💡 Why the survey stage matters

1. Financing – the lender will only release funds if the valuation matches (or exceeds) the purchase price.

2. Confidence – a clean report reassures the buyer and speeds up mortgage offer and exchange.

3. Negotiation trigger – significant defects could lead to price renegotiation or requests for remedial work.

🛠️ What’s happening in the background

• Surveyor – visits, compiles report, and sends it to the buyer (and lender if a valuation).

• Mortgage Broker / Lender – reviews the valuation figure before issuing the formal mortgage offer.

• Open Moove – logs the survey date and notifies you when the report has been delivered, so you know if questions or renegotiations may follow.

📌 What you need to do now

1. Stay accessible – be ready to answer post-survey queries about warranties, guarantees or past building work.

2. Gather paperwork – have boiler service records, damp-proof guarantees or planning approvals on hand; sharing them quickly can neutralise concerns.

3. Keep perspective – most surveys flag routine maintenance; serious issues are rarer. Discuss any buyer feedback calmly with your estate agent.

⏭️ Next 3 things to prepare for

1. Mortgage offer milestone – if the valuation is fine, the buyer’s formal offer should land within a week or so.

2. Enquiry follow-ups – the buyer’s solicitor may raise extra enquiries based on survey findings; respond promptly to avoid delays.

3. Negotiation strategy (just in case) – talk to your agent about your bottom-line position should the buyer request a price adjustment.

Have a survey question or need help interpreting “Condition Rating 3”? Ask in the Moove Room - MeredithAI will translate the report into plain English and suggest your next move.

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