Home Reports a must for Scottish vendors

| November 30, 2008 | 0 Comments
Home Reports a must for Scottish vendors

From 1st December homeowners selling residential properties in Scotland will need to provide potential purchasers with a Home Report.

The reports include a survey, valuation, energy assessment and a questionnaire that has been completed by the vendor.

As with the introduction of Home Information Packs in England and Wales during 2007/08, the timing is seen as unfortunate by some.

While Scotland has seen a less severe property market downturn than the rest of the UK, the move will put extra pressure on those attempting to sell during a recession.

It could also distort the market in the short-term, by removing speculative vendors unprepared to risk the cost of a report.

However, the process of buying and selling homes in Scotland differs from the system used in England and Wales.

Properties are usually marketed at a minimum price and vendors are open to higher offers.

Potential purchasers therefore frequently pay for a valuation before making a firm offer and the reports could save money for buyers interested in a number of properties.

However, some lenders have expressed doubts about the valuations contained in the reports, given that the average cost of a home in the UK continues to decline on a monthly basis.

Woolwich has indicated that purchasers will need to pay for a mortgage valuation survey and Royal Bank of Scotland and HBOS will only accept Home Report valuations if they have been completed by a surveyor listed on their panels.

Other leading lenders are understood to be still considering their positions.

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