Home Report
Home Report: (normally instructed by the seller of a property or their advisers)
It is now mandatory when selling residential property in Scotland to provide prospective purchasers with a Home Report. The Home Report is instructed by the seller of the property or their agent and consists of three mandatory documents, together with an optional mortgage valuation report.
Graham + Sibbald have specially trained Surveyors in each of our offices able to prepare Home Report and Energy Performance Certificates (EPC). These can be provided through our own unique 'GS Home Report platform’ for whoever is selling/marketing a domestic property, or through ‘Openhouse’, a business to business only solution.
The Home Report incorporates the following elements:
a) Single Survey:
This is a fairly detailed report on the condition of the property as evident from a surface examination as defined in our Terms & Conditions of Engagement.
The Single Survey provides a general description of the property and separates the building into twenty four areas where comment is made in relation to the condition.
The condition of the property is separated into three categories :-
Category 1 - No immediate repair is needed
Category 2 - Repair or replacement requiring future attention, but estimates are still advised.
Category 3 - Urgent repairs or replacement are needed now. Failure to deal with them may cause problems to other parts of the property or cause a safety hazard. Estimates for repair or replacements are needed now.
In addition this document contains an accessibility information section, together with the market value and insurance valuation of the property.
b) Energy Performance Certificate:
Graham + Sibbald, Chartered Surveyors are registered with Elmhurst Energy Systems to provide Energy Performance Certificates as part of the Home Report.
c) Property Questionnaire:
This document is completed by the seller or their agent and provided to any prospective purchasers on request. You can download the document from the Scottish Government website: Property Questionnaire.
d) Mortgage Valuation Report (Optional):
Graham + Sibbald offer a mortgage valuation report to accompany the Home Report for the sellers to pass onto prospective purchasers to enable them to obtain a commitment from lenders in relation to providing mortgage finance over any prospective purchase.
On completion of the sales transaction Graham + Sibbald will provide a transcripted mortgage valuation report to the agreed purchaser’s mortgage provider.
For detailed Terms & Conditions in relation to this service please contact your nearest Graham + Sibbald Office who will be happy to provide this information.
Any further details regarding the Home Report scheme can be found on the Scottish
Government website at: www.homereportscotland.gov.uk
Click here to visit Graham + Sibbald's Home Report Website.
Latest News
GS Residential Review for April 2012
30/04/2012GS Residential Review for April 2012
Market conditions have remained relatively stable throughout April with many more properties coming to the market replacing those which have sold. However recent reports of a reversion to economic recession and the upcoming local elections may prove to be a distraction and serve only to undermine much needed growth in confidence. Sales periods are still prolonged in many instances although properties which have been available for some time are selling at reasonable levels due mainly to sellers still being willing to negotiate but at increasingly more realistic levels than has previously been the case.
Kevin MacDonalds, Associate, Inverness [Inset photo]
The market continues very much in a similar fashion to what we have seen over recent months, where newer stock , which is sensibly priced is selling, older stock - where prices have been sharpened up to reflect current market are also selling. The key is for sellers to be well briefed as to what is a realistic selling price and to ensure their expectation are realistic- if so there is a
reasonable chance of selling their property. Where sellers are not realistic they will struggle to find a buyer, buyers are better informed that ever. in some areas there is oversupply, but where the prices are realistic they have a better chance of finding a buyer in sensible timescales.
Craig Henderson, Partner, Glasgow
There has been an increase in Seller enquiries in the first quarter of 2012. The increased number of Home Reports signals an increased supply of properties to the market, whilst demand remains restricted as a consequence of strict lending criteria for mortgage funding. Easter holidays signalled a slow down in enquiries and, as a double dip recession is announced for the UK economy, the bargain hunting culture of the UK consumer is set to continue. A mindset has been encouraged, by advisors, for home buyers to offer below Home Report value, which threatens to drive down the value of homes in Scotland. As we enter the traditional 'buoyant' summer period, the news of double dip, continued employment uncertainty, and the high cost of living may dampen consumer confidence; we can only hope that homebuyers spring out of winter hibernation to ignite some much needed momentum to property sales.
Andrew MacFarlane, Associate, Hamilton
GS Residential review for January 2012
31/01/2012GS Residential review for January 2012
Following a relatively bleak December the residential market has again picked up its pace with many new properties coming to the market throughout January.
In turn, selling agents are reporting increased enquiry levels and viewings, undoubtedly helped by the milder winter weather being experienced so far this year. Additionally a large number of Replacement Home Report instructions have been received, indicating older stock is continuing to sell. Despite the relatively depressed wider national and global economies, it would appear that Aberdeen and the surrounding Shire commuting towns continue to buck the trend somewhat.
Darroch Robertson, Associate, Aberdeen Office
The start of a new year is always unpredictable. However, we have seen a good level of Home Report instructions in January. I do believe it makes sense to bring a home to the market early in the year to take advantage of any prospective purchasers out there. We have also undertaken a similar number of Replacement Home Reports, an indication that properties that have been on the market are now selling or going under offer. Whilst not dismissing the challenging market we will be operating in, I have an optimistic outlook for the year ahead.
Graeme Lusk, Associate, Kilmarnock Office
Photo: Darroch Robertson, Aberdeen Office
Latest Case Studies
Crossbasket Castle
Graham + Sibbald provided pre-purchase valuation advise in August 2003, and thereafter provided a report to submit to the funders. We also offered our input with regards to the proposed redevelopment scheme, including advice on product mix, style and size and provided updates in terms of values dependant on what scheme is progressed. The client has now owned the property for 2 years, and a children's day nursery is operating in part of the castle.
- Department:
- Residential
- Partners:
- Craig Henderson
