Selling or buying a property is the biggest financial decision most people are ever likely to make and prior to a property going to market, a Home Report is required.
But like any product or service, the quality of a Home Report can differ from provider to provider.
This is where we come in! We are widely accepted on lenders’ panels, have expert local knowledge through our 26 Scottish offices and above all we produce quality Home Reports that are independent and reliable. This gives you peace of mind that for such a significant transaction, your Home Report is in safe hands!
What is a Home Report and why do I need it?
In Scotland, sellers must have a Home Report before they can present their property to the market. A Home Report provides sellers and potential buyers with objective information on the condition of the property for sale and an opinion of market value is recorded.
It must be prepared by a qualified surveyor registered with RICS and it contains the following elements:
1. Property Questionnaire
This is completed by the seller or their agent and asks about the present ownership of the property.
2. Single Survey
An assessment of the property’s condition, carried out by a RICS registered Surveyor. Repair work will be categorised on a scale of 1-3 which are:
Category 1. no immediate action or repair is needed
Category 2. repairs or replacement requiring future attention, but estimates are still advised.
Category 3. urgent repairs or replacement are needed now.
3. EPC – Energy Performance Certificate
An assessment of the energy efficiency of property and recommendations to improve thermal value.
With the sellers consent, all DM Hall Home Reports include a generic Mortgage Valuation Report (MVR). This is not mandatory, however at DM Hall we believe this is the necessary bridge which allows the purchaser’s lender to use information extracted from the Home Report when providing mortgage funds.
Is the Home Report just to provide details to potential buyers?
Absolutely not. A Home Report will provide sellers with information on the condition of the property before it goes to market. If the property has scored 3’s in the Home Report and you can afford to make improvements on the property, it might make all the difference to the sale. Consultation with the selling agent would be advised to see if they would recommend getting quotes or doing the work prior to putting the property on the market.
In selecting a Home Report provider what should I be looking for?
We believe that there are four key points to consider before instructing a Home Report:
– Is your surveyor on lender panels?
Reports by recognised professional surveyors are trusted and accepted by lenders. We are proud to say that the information from our Home Reports is readily accepted by lenders.
– Is your surveyor local?
Local knowledge is vital and your surveyor should have strong knowledge of local market conditions. With offices across Scotland, we are ideally placed to offer local knowledge and expert advice on properties.
– Does the price reflect the quality of your Home Report?
More often than not, a cheap Home Report will not come with the additional mortgage valuation report, leaving lenders to take their own advice. This introduces uncertainty and unnecessary delay for the seller and buyer. Our prices are competitive, with no hidden charges, reflecting the quality of our trusted reports.
– Is your surveyor a trusted, reliable name in the industry?
Our reputation allows estate agents, solicitors and the general public to be confident in our reliability and independent professional advice.
If you have any questions about a Home Report, contact your local DM Hall office who will be happy to help.