25th January 2011 back to news

RICS Homebuyer Report (HBR).

SCHEME II REVAMP

The RICS have revamped the Homebuyer Survey & Valuation (HSV) and have replaced it with the RICS Homebuyer Report (HBR). 

The service is shortly to been implemented in Scotland. This is an additional service and provides part of the comprehensive portfolio of property related services offered by Graham + Sibbald to their clients. 

The Home Buyer Report (as distinct from the Home Report) is produced by an RICS qualified surveyor and is designed to assist the purchaser in making a reasoned and informed judgement on whether or not to go ahead with buying the property and to advise on a reasonable price to pay for the property, taking into account the condition and repairs required.

Whilst to a large extent in Scotland the introduction by statute of the Home Report has replaced the need for a detailed survey commissioned on behalf of the purchaser to be carried out there are a number of circumstances where this might be desirable.  Firstly there are a number of properties which are exempt from the Home Report legislation and secondly there may be instances where a particular purchaser requires more detailed advice tailored to his specific needs and requirements in purchasing a property.

Many of the key features introduced in the Home Report have been adopted within the new HBR. The idea of repair categorisation has been replicated and indeed numbers 1, 2 and 3 are colour coded green, amber and red for ease of identification.  It should, however be noted the specific definitions of each category differ from the Home Report.

The other main difference from the former product is Section J Risks.  This section summarises defects and issues that present a risk to the building or grounds or safety risk to people occupying the property.  This section provides for comment on areas of the property which have been reported on and condition rated and draws together different parts of the property, eg. roof repairs causing damp penetration.  It also deals with risks which may not reasonably be changed by the property owner, such as radon gas or known underground mining problems.

For further information regarding this article please contact Peter McEachran at the  Graham + Sibbald office in Paisley: 0141 8893251, Email: pmceachran@g-s.co.uk.