The sales process in the Scottish property market differs from the rest of the UK and one of these points of difference is the Home Report survey, which is a legal requirement in Scotland before a property can be advertised. Before the seller is allowed to place their home for sale with an agent or on a property website they must have a completed Home Report survey done by a RICs approved surveyor which must be made available on request by any interested buyer.
A Home Report is a useful document for those thinking of buying a property as it gives information in three separate reports; these are called the Single Survey, the Property Questionnaire and the Energy Report. All these details are collected by a surveyor that is a member of the Royal Institute of Chartered Surveyors commonly referred to as RICS.
The Single Survey includes a condition assessment of the property and scores them between one and three highlighting areas that should be noted when weighing up an offer such as whether the roof will require repairs or if there are signs of damp on the walls. It also includes a market valuation, which will be based on similar properties previously sold in the area as well as other factors such as the condition of property.
The Property Questionnaire is filled by the seller and can include details that will be of use to buyers such as any available parking spaces, the council tax band and if any fixtures and fittings will be included in the sale.
The Energy Report also known as an Energy Performance Certificate (EPC) gives a rating on the energy efficiency of the building and an estimated annual cost for utility bills such as electricity and gas as well as recommendations on what can be done to improve the property and renewable options.
The Home Report is used by lenders, as in banks or building societies, and they may ask for a mortgage valuation report to be updated if it is out with their time scales or has been provided by a surveyor who is not on the lender’s approved panel of surveyors. The more expensive Home Report companies may advise that they are on an approved panel for lenders but the buyer may still be asked to pay for a new valuation if it is older than 12 weeks and this cost is usually added to their mortgage. Home Report For You are not currently on any lenders panels and so any buyers will need to get their lender to organise a new valuation after a sale price has been agreed.
With online estate agents now being more popular and the most cost efficient way to sell your home it makes sense to also look for the best value in getting your home report without paying over the odds. An independent home report provider can also help with additional services that you may need when selling online such as professional photos and floor plans. It has never been easier to be your own agent.
Independent home report providers can offer our lower prices because they don’t have the high over heads agents have and so we pass these savings onto you whilst delivering a quality survey that can be used to sell in Scotland.
Thanks to Home Report For You for providing us with this insight.