New Company Cuts Cost of Home Buying

18th May 2006

A Southport business is set to benefit hundreds of homebuyers across the region with backing from Merseyside Special Investment Fund (MSIF).

The Survey & Valuation Company (SAV) provides a home condition inspection service, which under new legislation coming into effect next year, will be a legal requirement for anyone selling a property.

Licensed home inspectors who report on any problems such as damp and structural damage carry out the inspection, providing purchasers with full information about the property.

The Home Condition Report will form part of a Home Information Pack, which also contains all the required legal information including searches and title deeds.

SAV was set up by Managing Director Graham Ellis in 2000. Commercial Director, Mark Taylor, joined the company in 2004.

Clients include Northern Rock, Bank of Scotland and Royal Bank of Scotland.

The company has raised a funding package worth nearly £1/4m which included £50,000 from MSIF and support from Barclays.

Graham Ellis said: “Around 30% of properties fall through at the survey stage resulting in wasted time and expense for potential buyers. The new legislation means the onus is on the vendor to pay for surveys and legal searches and have everything in place before the property is marketed. This will drastically reduce the time and cost involved in buying a property.

“The business is at a really exciting stage. The support from MSIF means we can train new staff to cope with the increase in demand for our services when the law changes next year.”

Paul Humphray, Investment Manager of MSIF’s Small Firms Fund said: “This company is run by a driven and experienced management team and has excellent growth potential. We are pleased to be supporting them.”

The company employs six staff and expect to take on a further nine staff over the next year. Turnover last year was £175,000 and is estimated to reach £1m in three years time.

Ends

For further information contact Angela White at Merseyside Special Investment Fund on 0151 236 4040

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Pic shows from L-R Graham Ellis and Mark Taylor (SAV) Paul Humphray (MSIF)

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