Countrywide Surveying Services (CSS) has hosted a round-table event to address the role of condition reports in the homebuying process.
The event brought together experts from across the property, finance, and surveying sectors to discuss how to improve the uptake of condition reports and ensure that borrowers are fully informed when purchasing their homes.
The roundtable was hosted by Matthew Cumber, managing director of CSS.
Guests included: Andrew Montlake, managing director of Coreco and chairman of the Association of Mortgage Intermediaries; Giles Smith, Chief Surveyor and Technical Director at SDL Surveying; John Baguley, Principal of Mortgage Policy at UK Finance; Paul Albone, Strategic Advisor at PEXA and Director of OPDA; Robert Stevens, Head of Property Risk at Nationwide Building Society; Steve Lees, Senior Specialist in Residential Survey at RICS; Beth Rudolf, Director of Delivery at The Conveyancing Association and Co-Chair of the Homebuying and Selling Group; Kate Faulkner, Chair of Home Buying and Selling Council; and Joe Arnold, Managing Director of Arnold and Baldwin Chartered Surveyors.
The discussion focused on several key topics, such as the importance of condition reports, the omission of property condition from recent industry discussions, whether Government intervention is necessary, and actionable future steps.
Matthew Cumber, Managing Director at Countrywide Surveying Services, said: “We felt it was crucial to create a platform for open dialogue and collaborative problem-solving which helps to educate borrowers, support brokers, and other professionals involved in the process to have informed discussions around condition reports and their role in the homebuying process.
“The event was an incredibly valuable experience, leaving us with renewed energy and determination to continue these discussions with trade bodies, regulators, and the Government, with the goal of broadening the conversation.
“After all, every stakeholder in the homebuying and mortgage process has a duty of care to ensure purchasers are fully informed when buying their home.”
Beth Rudolf, Director of Delivery at The Conveyancing Association, said: “This was an interesting roundtable debate and brought home how this is all about understanding the consumer rational at different times.
“So within the homebuying and selling process it’s about understanding that for sellers they want to know what they can do to improve the value and saleability of their property, while for buyers it’s about having the information on the physical condition of the property prior to offer.
“If both seller and buyers have what they want we’re going to have a much more effective process than currently, where only 10% of buyers for example, will instruct any type of survey.
“But, the condition report has to be consumer-centric to ensure it provides the information that would impact the average consumer’s decision-making process.”
