Overs 55s property assessment
What is a property assessment and why is it important?
When you are house hunting and considering a home to purchase through Co-Ownership you should bear in mind the Co-Own for Over 55s property criteria and also that in assessing a home we are checking not just that it represents value for money for you and for Co-Ownership but also that the property is of a good standard and there are no issues that would impact your ability to sell it in the future. We do this via our Property Assessment which is carried out for us by an independent RICS surveyor from the Co-Ownership panel. We are bound by the view of the surveyor as to whether the home is suitable.
The property assessment we carry out is detailed but it is not a full home buyer’s survey. It is up to you whether you carry out your own survey. The Co-Ownership property assessment is focused on our standards and suitability for Co-Ownership. It is purely a visual inspection the surveyor does not test anything in the home. We recommend that before you purchase a home that you ensure that the boiler and heating system and other services in the home are working and have the electrics tested.
The surveyor will outline what the property is worth (the Sales Valuation), whether they feel that the property is suitable for Co-Ownership and a summary of any issues that the survey has highlighted. These are split into four categories:
- Before Purchase Issues – These are issues that are considered urgent and need to be addressed by the vendor before the home is purchased. We will contact the vendor directly to ask them to progress these. We are unable to accept properties that require more than £6,000 of work before purchase.
- After Purchase Issues – These are issues that the surveyor feels need to be dealt with by you within the first six months of purchase. We are unable to accept properties that require more than £6,000 of work after purchase.
- Matters for your solicitor – These are items that the surveyor feels that the solicitor should check out prior to purchase. We’ll ensure that the solicitor is aware of these.
- For Information – These are items that the surveyor has provided for your information.
To view our guide covering what the surveyor will be checking within our property assessment click here. The assessment will differ depending on whether the home is an existing home or a new build. In each case any issues that they observe will be highlighted in our property assessment report.