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RICS releases consultation on proposed new mandatory Home Survey Standard
The Royal Institution of Chartered Surveyors (RICS) has launched an industry and public consultation on the proposals of a new mandatory Home Survey Standard.
RICS hopes that the new statement will deliver a new best practice standard to improve the home buying and selling process and enhance consumer confidence.
The consultation consists of an industry questionnaire and a public questionnaire.
RICS says that the proposed changes aim to better protect buyers, and sellers, by making sure they fully understand the importance and benefits of commissioning a home survey.
RICS worked with industry to create the proposed new mandatory standard and plan to make it simpler for consumers (homebuyers and sellers) to understand what is checked, the different surveys on offer and the level of service delivered by RICS members.
RICS would also like to ensure consistency in the types of survey offered. They say that the changes have been made in response to a changing market place, updated technology and consumer needs.
The questions cover home surveys and valuations.
Topics where views from solicitors would be particularly useful include the document’s clarity, structure and content, and omissions.
If you carry out residential conveyancing work, you may want to respond to this consultation.
The consultation closes on 29 July.