A new nationwide service aims to speed up property transactions by bringing surveys forward and identifying potential problems much earlier in the sales process.
Landmark Information Group has launched Sales Pack Ready Surveys across England and Wales.
The service gives estate agents and other property professionals access to upfront property surveys before a transaction has progressed.
The launch comes as the government prepares to reform the homebuying and selling process. The reforms aim to make more information available upfront and reduce delays after a sale has been agreed.
Landmark argues that property condition should form part of that information. This would sit alongside searches, title details and legal documents.
The RICS-standard reports assess the physical condition of a home. They highlight visible defects, maintenance concerns and areas that may need further checks.
The aim is to uncover potential problems before buyers and sellers commit significant time and money.
Tackling delays and fall-throughs
TwentyCi data cited by Landmark shows 23.7% of agreed property sales fail to complete.
Problems that emerge later can trigger further enquiries and price negotiations. They can also delay exchange or contribute to a sale falling through.
Bringing surveys forward could allow buyers and sellers to address those problems much sooner.
Nick Dyoss, group business development and relationships director at Landmark Information Group, said: “The property industry can’t afford to wait for reform to take effect before it starts changing how transactions work.
“We know the direction the market is heading, and the businesses that start adapting now will be in a much stronger position as those changes become embedded across the homebuying and selling process.”
He added: “The future of home moving is about helping buyers and sellers make informed decisions before they commit, rather than uncovering issues once a transaction is already underway.”
Industry looks to upfront surveys
The launch comes as surveyors consider how upfront property surveys could play a greater role in transactions.
Landmark said surveying firms are exploring models that could allow sellers and prospective buyers to rely on the same condition information.
Project 28 Charter members will also hold a surveyors’ roundtable later this month. It will examine how the industry can provide property condition information earlier and at scale.
Landmark will provide the surveys through a national panel managed by its Optimus business.
Estate agents, conveyancers, mortgage brokers, lenders and property portals can order the reports.
The surveys form part of Landmark’s wider Sales Pack Ready service. It brings together searches, title information, property data and condition reports at the start of a transaction.
Comments (2)
It’s not going to make the slightest bit of difference – people “pull out” for all sorts of reasons. Change of circumstances, a ‘feeling’ that their seller is not being straightforward or honest as they should be. How about Landmark addressing the issues of third parties being involved in transactions? So many properties now have a third party with an interest in claiming money from the home owner. Service charges are out of control, many agents don’t include these on their listing and agents don’t have a clue about leasehold and estate service charges.
It’s a good thought to try and provide as much clarity to the consumer as possible.
However, there are a number of issues here and surveys being subjective is probably the main one.
The cost to the seller, conflict of interest and the delay to list being others.
Buyers, in my experience, want to choose their own surveyor. They want someone on their side and I think this is reasonable and understandable.
There is also a wider point in that buyers want to know about the boiler, the electrics, damp, structure and the roof. Surveyors tend to shy away from commenting on these aspects and suggest third parties to diagnose – acting like a gp referral to a specialist.
I’m sure we all have the same experience that buyers question the need for a survey as it doesn’t tell them what they want it to.
Rather than a survey, which is subjective, why not insist on a boiler service report, electrical report (similar to letting) and possibly a damp survey?
This is far from a criticism – I’ve read the reports from Landmark and they are doing some really good and detailed work on the transaction itself.
I welcome this focus and attention and just want to share my thoughts.