One of the most common questions we are asked over the phone is, “do your Home Reports include a mortgage valuation?”. Quite often people don’t believe us when we tell them that it is not required, even though it is outlined on the Scottish Government’s website!
Your Home Report does not need to include a Mortgage Valuation. Sellers do not need to pay for a mortgage valuation.
Here is what IS required for a Home Report in Scotland.
The seller of the property is required to provide the Home Report. The Home report consists of the Single Survey and Energy Performance Certificate (EPC) which needs to be carried out by a surveyor that is regulated by RICS (Royal Institution of Chartered Surveyors). The person selling the property will complete the third document to complete the Home Report which is the Property Questionnaire.
There is no requirement for the Home Report to include a mortgage valuation. You can ask the surveyor carrying out the Home Report if they will provide a very generic Mortgage Valuation, however, this is usually a waste of time and effort. The Council of Mortgage Lenders (CML) has 113 members and 86 associates and not all surveyors are on every lenders panel. So, the chance is, whoever the buyer has chosen to be their lender, will select someone on their own panel of surveyors to carry out the mortgage valuation report for the purposes of lending. This is the main reason that there is no mention of the Home Report having to contain a mortgage valuation.
The person selling the property has no idea who will a) buy their property and b) who the buyers lender is likely to be, so the likelihood is that any mortgage valuation would have to be repeated. It is also the buyer who normally pays for the cost of the mortgage valuation as part of the purchase process. The seller is NOT obliged to provide a mortgage valuation as this is predominately for the benefit of the person buying the property.
If you are selling a property and need a Home Report carried out, let us give you a competitive quote at a time to suit you. Call us on 0131 608 0175 or email us at firstname.lastname@example.org
Andrew MacKenzie is a qualified Chartered Surveyor with over 20 years’ experience within the Scottish Property market. He specialises in all types of residential valuations including Home Reports, Private Valuation reports and Development Appraisals.
Excellent service, from start to finish. I would highly recommend using the Home Report Company if you're selling a property - admin team are quick to respond to emails (even at the weekend), easy to book an appointment, and altogether offer a seamless service.The surveyor Andrew was exceptionally knowledgeable, thorough, and friendly. Also incredibly fast at finalising the home report.Gold service, very reasonably priced, and would absolutely use again.
22:50 01 Dec 21
The service from start to finish has been excellent, knowledgeable and very fast to ensure we got our property on the market quickly.
BOB SCORED A TAP I.
20:59 27 Nov 21
Sellers really need to seriously consider using this Company for their HR. Brilliant service from the admin team to the surveyor. Couldn't do enough for me and made you feel part of the process.Absolute bargain compared to going through estate agent then local surveyor.Gold star service.Alan Collins
08:58 05 Nov 21
This is my third transaction , I am still impressed with the service, efficiently, professionalism of this Company, highly recommended
19:22 01 Nov 21
Excellent Company for home report in the Scotland. Really very fast and professional. Thanks
18:24 01 Nov 21
Efficient, reliable and timely communication and production of home report for our flat sale.
17:25 08 Oct 21
06:56 02 Oct 21
17:33 24 Sep 21
Andrew is extremely thorough and knowledgeableWe had two properties and negotiated a good priceAny errors were corrected quickly and without question
19:57 05 Sep 21
GREAT COMPANY ,VERY PROFESSIONAL, EXTREMELY EFFICIENT, RELIABLE ,SECOND DEALINGS, AND NOT DISAPPOINTED , HIGHLY RECOMMENDED