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.
Outstanding service and very quick turnaround from Andrew and the team. Would highly recommend this company for anyone requiring a fast, professional and efficient service.
19:27 03 Oct 23
19:11 09 Jul 23
Thank you Home Report Company, the surveyor who was sent over for our house valuation report was great. It was nice to be able to welcome a well-mannered, friendly and professional person to our home.For those looking for chartered surveyors to carry out a home report or valuation, I highly recommend this company. They have been very helpful, polite and punctual - and made life that little bit easier during a difficult time in our family. Thank you again.
james “TechnixJim” F.
06:43 26 Jun 23
I needed a survey done quick and contacted home report company,Andrew came within 2 days,no messing about and got my survey paperwork next day via email,excellent company,thank you andrew.all the best jim.
18:15 23 Jun 23
I have recently instructed the Home Report Company to complete a survey for me. From my first initial enquiry up until receiving my report I have nothing but high praise. I was given a quote, a prompt appointment was made and the survey completed. Andrew, the surveyor, was very professional and also very smiley and reassuring. He went about the survey with minimal intrusion or fuss and he also liked my dog 😊. Highly recommend.
16:47 09 Jun 23
Andrew Mackenzie from home report company did our home report very professional and polite.This is the second time I have used home report company and mr Mackenzie has done both reports.The price charged was very competitive and by far the cheapest I enquired about, I would definitely recommend the home report company for your home report.
15:34 28 Apr 23
10:58 05 Apr 23
Perfect, exactly what we needed to sell our home, very quick, helpful and at an excellent price! Would highly recommend!
21:36 22 Mar 23
Friendly and professional service. Andrew was very professional and answered any questions I had. I received the completed home report the next day, after first receiving the draft version.
Steve “Steve J” J.
10:47 16 Mar 23
Very friendly and helpful surveyor who produced an honest, factual report. Survey was organised very quickly, was reasonably priced (compared to other quotes) and the report was produced quickly after the survey. No complaints!