From December 1, 2008, every home for sale in Scotland will have a Home Report. The Home Report must be available to buyers before a home is advertised for sale. Split into three parts, (The Single Survey, The Energy Report and The Property Questionnaire) the Home Report will contain essential information about homes and give both sellers and buyers knowledge about the property.
The Home Report will include the property's condition and valuation and will also give both parties an assessment of the property's energy efficiency. This will make it simpler and easier for buyers to access the information required to give them the confidence to place offers on properties.
PSPC and its member solicitors practices are on hand to answer all your questions regarding Home Reports and their implications for you. We will be with you at every stage of the process from instructing the survey on your behalf to helping you completing the conveyancing.
The introduction of the Home Report will mean that the potential buyer of a property will have a lot more information about the property before making an offer.
The Single Survey will provide detailed information on the condition of the property at a similar level to a scheme 2 'Homebuyers Survey and Valuation'.
The scope of the Single Survey is very comprehensive and will assess 24 elements of the property. Each of the 24 elements will be given a rating from 1 to 3 (1 needing no attention and 3 needing immediate repair).
The Survey will also assess the accessibility of the property (useful for disabled persons, older persons and families with children).
Finally, the Single Survey will provide a mortgage valuation which buyers can use to help secure a mortgage from a lender.
The Property Questionnaire is to be completed by the seller of the property who has the responsibility of filling in the Questionnaire as accurately as possible.
The questionnaire will give the buyer helpful information about the property such as council tax band, parking, service providers, factoring arrangements and alterations that the seller has carried out to the property.
By sharing this information earlier in the process both buyers and sellers should benefit as the information should help the sale go through smoothly with reduced risk of delay and difficulties in conveyancing.
The Energy Report contains an assessment by a surveyor of the energy efficiency of the property and its environmental impact. The surveyor will also use the report to recommend ways in which to improve the properties energy efficiency.
The Energy Report shows the homes energy efficiency rating and will help buyers make new green choices by comparing energy costs between homes.
The Energy report will also give practical advice on how to reduce carbon emmisions and save on energy bills.