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How Long Does a Home Report Last?
If a property is for sale and on the market, it should have a Home Report. However, there are some exceptions, for example when a property is a New Build or being sold in a private sale. A Home Report is a document that details what you need to know about the property. It is divided into three main parts – a single survey and valuation, a property questionnaire, and an energy report.
In this article, we are going to be covering how long Home Reports last and whether or not they have an expiry date.
When Does a Home Report Expire?
Although the documents within the Home Report cannot be older than 12 weeks when you initially market your property and put it up for sale, once your home is on the open market, there is no real 'expiry date' for the Home Report itself.
However, lenders won’t accept a Home Report which is any more than 3 months old. If your home ends up for sale any longer than this, you will need a 'refresh' - essentially, to confirm nothing has changed with your property in that space of time.
How long is a Home Report valid for? Well, basically it's valid until deemed otherwise by a buyer's lender or solicitor.
In What Case Would You Require a Replacement Report?
Current Scottish Government legislation does not impose a validity period for any of a Home Report's documents, only that a Home Report is required at the time of a property sale. Although Home Reports do not expire, a Home Report replacement occurs when there has been a request for the surveyor to update the Home Report.
This is usually at the request of the buyers' lender. This generally occurs if the Home Report is deemed to be out of date by the lender/mortgage provider.
How Much Does It Cost to Replace a Home Report?
The cost of a Home Report replacement varies depending on the type/size of the property for sale. It is generally expected to cost around a third of the cost of the original Home Report.
The cost will also vary depending on the surveyors that you decide to use. It is the seller's responsibility to cover the costs of both the initial Home Report and any subsequent replacements required.
What’s Included in a Home Report Replacement?
Effectively, if it is required that the Home Report needs replacing, this means that the surveyor is asked to update it. The surveyor will then revisit the property to inspect it again and update the Single Survey, but not the whole Home Report.
The Energy Performance Certificate will not be updated, and the seller will not be asked to complete another Property Questionnaire.
Once the refreshed Home Report has been approved, it will then be sent to the buyer’s solicitor to send to the buyer’s mortgage provider/lender.
Currently in Need of a Home Report?
A Home Report is required by law in Scotland if you are planning to sell your house. As the seller, it is your responsibility to make a Home Report available to prospective buyers. A Home Report can only be produced by a Chartered Surveyor and it is essential that you instruct a surveyor who knows and fully understands the local housing market.
Allied Surveyors Scotland has 30 offices throughout Scotland covering every postcode, each of which specialises in residential property in their territory. We, therefore, have a wealth of knowledge and understanding of your local market conditions. If you have any other questions, please contact your local office or read our FAQs here.