The Home Report

Almost a year after Home Information Packs became a requirement to sell your property in England and Wales, Scotland have just introduced the requirement for The Home Report.

Why introduce a different measure for Scotland?

The buying and selling process in Scotland has meant that an offer made on a property is deemed as binding, with the obligation on the buyer to commission a survey of the property (if they choose to do so) before the offer is made.

This could mean that several surveys would be undertaken on a property before an offer is accepted and is wasteful.

The Home Report contains the Single Survey which is a report on the condition of the property, a valuation and an accessibility audit for people with special needs.

The buyer may still choose to commission their own independent survey but should be able to rely on the information in the Single Survey.

What else does The Home Report contain?

There are two more enclosures, these being the Energy Report and the Property Questionnaire.

The Energy Report comments on the energy efficiency of the property and suggests what could be done to improve this.

This is the equivalent of the Energy Performance Certificate in England and Wales and fulfils a European directive to progressively apply energy ratings to property.

The Property Questionnaire provides general information for the prospective buyer that would help them to make a decision to purchase the property.

Does every property need a Home Report?

There are a few exceptions but generally every residential property offered for sale from 1st December 2008 must have a Home Report.

If the property was already on the market at this date it is exempt but it must as a minimum have an Energy Report if still for sale at 4^th January 2009 when the European regulations commence.

How much will The Home Report cost?

Difficult to say! At the point of writing this (when Home Reports were already a requirement), a search on Google revealed just two explicit providers which were promoting prices of between £320 and £500.00.

Bearing in mind that when Home Information Packs were launched there was around 100 providers competing for business it appears that many have missed the opportunities in Scotland.

As additional providers emerge the price will become more competitive so make sure that you look around for the best deal.