We are one of Scotland's largest independent firms of chartered surveyors with 30 offices in Scotland covering every postcode.
How long does a Home Report last?
Both buying and selling a property can be a stressful experience. This is because, more often than not, for most individuals, it’s not a regular occurrence.
There can be confusion about many elements surrounding a home sale. For example, there are a few misconceptions concerning Home Reports, including how long they are valid for and whether they are a bona-fide legal requirement if you're selling your home.
In this blog we'll discuss frequently asked questions about Home Reports, including the often-contentious issue of how long a Home Report lasts for.
What is a Home Report?
A property's Home Report is a document which the majority of sellers of a residential property are required to produce prior to putting their property on the market.
A Home Report is produced by a Chartered Surveyor who is a member of the Royal Institution of Chartered Surveyors (RICS) and Registered Valuer. It is either the chosen estate agent or the seller directly who instructs the creation of a Home Report.
A Home Report comprises of four separate documents. These are the single survey, the energy report, the mortgage valuation certificate, and the property questionnaire.
Why do you need a Home Report?
If you want to buy a property in Scotland, there is a legal process to follow which makes sure both the buyer and seller are protected during the sale.
A Home Report is required by law and you cannot market a property without it. If you do so, both the seller and the estate agent can be prosecuted by Trading Standards and may be subject to a significant fine. It is also unlikely that a solicitor acting for a purchaser will conclude the sale of a property when a Home Report is not available for the property being sold.
How long does a Home Report last for?
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 often 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.
So, how long is a Home Report valid for? Well, basically it's valid until deemed otherwise by a buyer's lender or solicitor.
How do I get a Home Report?
If you find a home you're interested in, you request the seller, their solicitor or estate agent to provide you with a copy of the Home Report.
If the property is being marketed there should be a Home Report readily available. A seller or estate agent must give you the Home Report within nine days of you asking for it. If you do not receive the report within nine days, you can contact your local council's trading standards services.
How much does a Home Report cost?
The cost of a Home Report can vary geographically across the country and will also be dependent on the value of the property.
Home Report prices normally start at around £425 + VAT for a property under £100,000 however we would encourage you to get in touch directly on 0141 330 9950 or email firstname.lastname@example.org for further information.
If you would like a Home Report Quotation from our trusted team, please click here.
Your details will be passed on to a relevant member of the Allied team who will contact you. No payment will be taken at this stage.