There is lots of information surrounding home reports in Scotland and home reports play a really important role when buying & selling property.
Here we answer the most frequently asked questions relating to home reports in Scotland.
Do home reports only last 3 months in Scotland?
No. Home reports in Scotland do not have an expiry date. As long as you are actively marketing your home for sale you do not need to update your home report.
What are replacement or refreshed home reports?
If your house has been for sale in Scotland for more than 12 weeks and you accept an offer, that buyer may request that the home report is ‘refreshed’. The reason for this is that your buyers mortgage lender will require a home report under 12 weeks to assist with the mortgage application. So the refresh home report is more a lender request than a buyers request.
Do I have to pay to update my home report when I have a buyer in Scotland?
Most commonly sellers in Scotland will pay for refreshed home reports. It is a reduced cost in comparison to the original fee. If you do not want to pay for the refresh home report, you could negotiate with the buyer, at the time their offer is received, to request they cover this payment. Although this would be unusual.
Can I use previous home reports from when I bought my house?
No you cannot. Home Reports in Scotland cannot be over 12 weeks old when you place your property live on the market. More importantly, the home report needs to be in the current owners name.
Can I use an energy report I already have for the house?
All parts of the home report cannot be over 12 weeks old when you place your house live on the market. Therefore a new EPC (Energy Performance Certificate) will be completed by the surveyor at the same time as the survey.
Can I put my draft home report on hold until I do some repairs?
If you would like to complete some of the repairs that have been noted on your home report, then you are more than welcome to do so. Home Reports will remain in draft until such time as you complete the work and show the surveyor what has been completed. They will then update your home report. The rule applies that the original report cannot be over 12 weeks when you go live to the market in Scotland.
What if I don’t agree with the value on my home report?
If you do not agree with the value on your home report in Scotland you can request new home reports by other surveyors. Surveyors may have different professional views on the value of your house, although this would be rare. However, you will have to pay for this and you may still not like their value either. Listen to the professionals and speak with your estate agent. If the value of your home is less than you hoped it may not be the right time for you to sell.
Can I get more than one home report on my house?
Only one home report is required and expected when you take your house to the market. Offering two home reports to buyers in Scotland will present confusion and is not necessary.
Sometimes sellers will obtain more than one home report before they go to the market. This might be for various reasons including that they didn’t like the initial report and values. But they will choose one to present to potential buyers.
Its extremely rare for a seller to want more than one home report completed.
Does a home report include any development value?
No home reports do not include any development value in Scotland. For example if you have been granted planning permission for a house at the bottom of your garden, and you wish to include it as part of the sale. The home report would not include the value of this.
Do I have to advertise my house at the home report value?
No you do not. Your estate agent will provide you with advice about your asking price. You can have the asking price below the home report value to encourage interest or you can set the asking price at the same level as your home report. You can of course, make the asking price higher than the home report value, but this would be extremely uncommon and not recommended.
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