Government research indicates that almost 30 percent of transactions fail between offer acceptance and exchange of contracts and that in over 40 percent of these cases this is due to survey related problems. That is why the Government wishes to include a Home Condition Report (HCR) in the Home Information Pack.
The Home Condition Report is designed to be an objective report on the condition of the property that can be relied upon by buyers, sellers and mortgage lenders. It will be written in Plain English in a standard format and will describe the general condition of the property taking account of its age, character and location; how energy efficient it is; and any defects or other matters requiring attention.
The Home Condition Report is designed to be a ‘mid-range’ survey, similar to the current Homebuyer Survey and Valuation – not as detailed as a Building Survey (sometimes known as a ‘full structural survey’) but a lot more extensive than a mortgage lender’s valuation inspection.