Home Report Myths: BUSTED!

A Home Report is a legal requirement when selling your house in Scotland, and because they play such a vital role in the property market, we have noted below 5 common Home Report myths so you don’t get tripped up!

‘A Home Report is just one document’

WRONG! A Home Report comprises 4 separate pieces of documentation. This includes The Single Survey, an Energy Performance Certificate, Mortgage Valuation Certificate and Property Questionnaire.

‘The valuation of my home should be the same as other houses on my street’

WRONG! Although your location can be a good indicator as to the price of your home, every house is unique and valuations will be dependent on a number of factors, including size, style, condition, features & enhancements together with external factors such as the economy, inflation, mortgage rates and other factors which may effect demand. 

‘Home Reports are only valid for 3 months’

WRONG! There is no shelf life on a Home Report however if the purchaser is found more than 12 weeks after the HR was commissioned, then the purchaser may request an updated report so that the surveyor can report to their preferred lender. However, please bear in mind that this is a lender requirement and not a legal requirement.

‘Home Reports are bias towards the seller because they pay for it’

WRONG! Chartered Surveyors are regulated by the RICS (Royal Institution of Chartered Surveyors) . Chartered Surveyors owe a duty of care to potential buyers, sellers and lenders and are independent & impartial when conducting all Home Reports.

‘I don’t need a Home Report until a potential buyer asks to see it’

WRONG! You cannot legally market your property until a home report is in place. If you do, you & your estate agent could be prosecuted by Trading Standards and be subject to a significant fine.

If you are a seller in Scotland in need of a Home Report, then please get in touch with one of our offices who will help you through the process.