Home Report Dundee

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One of our key offices in the East of Scotland is Dundee, capital of Tayside, and situated on the north side of the River Tay. Historically, Dundee ws at the heart of the Industrial Revolution, and along with other major industries, gave Dundee its empathy as the city of “jute, jam and journalism”. Through recent times and with the decline of traditional industries, Dundee has regenerated itself as a cultural centre. The culmination of this is the Victoria and Albert Museum, which opens in 2018.

Dundee is a bustling city, served by most large companies, a significant public sector representation and a variety of smaller and medium sized business. It is also served by the renewable sector, oil and gas industries, manufacturing, medical research and digital entertainment bases. The adjoining town of Broughty Ferry is a high value/amenity community. In addition, the nearby Angus towns, which includes Carnoustie, Forfar, Montrose, Brechin and Arbroath, are also highly regarded.

The city of Dundee has a population of around 148,000, whereas Tayside commands a population of around 400,000. The largest employers in the city are Dundee City Council, NHS Tayside and the University of Dundee. There are a variety of other major employers within the city.

Dundee is a key retail destination for North-East Scotland, with several department stores, hypermarkets, retail pubs, and Town Centre retailers.

The property market in recent years has been relatively buoyant, with an increase in sales and furthermore, house prices. Dundee City is commutable from the wider Tayside area, and traditional properties within Dundee itself, Broughty Ferry and Carnoustie have proved ever popular, as have new build developments on the periphery of the city.

Home Reports

Since 1 December 2008, it has been a legal requirement for the seller of a residential property to obtain a Home Report before marketing the property (there are a small number of exceptions such as sales of new build properties and private sales.)

The Home Report is usually arranged through the selling agent or solicitor but it is perfectly acceptable for the seller to arrange it themselves. The seller is responsible for the cost of the Home Report which ranges from £360 (inc VAT) to over £1,000 depending on the value of the property. However, this cost will be somewhat negated by the fact the seller, most likely, will not have to pay for a survey for the property they will be purchasing (assuming it is in Scotland).

The Home Report includes far more information than the Mortgage Valuations which approximately 90% of purchaser relied on before Home Reports existed. The information in a Home Report is split into four sections:

The Single Survey

This forms the majority of the report. Part one of the Single Survey is basically a description of the property including the construction, the heating system, garages/outbuildings and garden ground. Part two of the Single Survey is probably the key part of the report as it provides a condition review with the various parts of the property being given a condition rating from a ‘1’, which means ‘no immediate action or repair is needed’ to a ‘3’ which means an ‘urgent repair or replacement is needed now’. A category ‘2’ covers repairs which will require future attention.

The Market Value is also included in the Single Survey.

The Energy Performance Certificate (EPC)

This document provides an ‘Energy Rating’ based on items such as the construction method, the heating system, insulation levels and even the number of low energy light bulbs. The EPC provides useful information about what works could be carried out to a property to make it more energy efficient.

The Property Questionnaire

The document is provided by the seller and includes useful information such as the service providers, the Council Tax banding and whether any alterations have been carried out to the property.

The Mortgage Valuation (MV)

The MV is a summary of the rest of the report which is used for lending purposes. If the purchaser of the property needs a mortgage, the lender can ask the surveyor to provide a transcription of the MV which it then uses to help it make a lending decision. Allied Surveyors Scotland is on all the major lending panels so can provide MV transcriptions to all the major lenders.

Some of the regulations surrounding Home Reports include:

1 – The Home Report must be no more than 12 weeks old when the property is first marketed.

2 – The property can be taken off the market for up to four weeks without having to arrange a new Home Report.

3 – The Home Report does not need renewing if the property is continuously marketed. If it takes longer than three months to sell the property, a Replacement Home Report may be required for lending purposes but this will only be needed at the time of sale, not every three months.

There are far more regulations surrounding Home Reports. Further information can be found at this website:

www.gov.scot/Topics/Built-Environment/Housing/BuyingSelling/Home-Report

Further Information

If you would like any further information, or would like to arrange a Home Report, please do not hesitate to contact us. Details as follows:

Address – 8 Whitehall Crescent, Dundee, DD1 4AU

Phone – 01382 349930

Email – dundee@alliedsurveyorsscotland.com

Web – www.alliedsurveyorsscotland.com

Home Report Quotation

If you would like a quote for a Home Report please contact the office or click on this link: