How Long Does a Home Report Last?
When you sell a property in Scotland, you are legally obliged to arrange a Home Report. This is given to every prospective buyer so that they can make an informed decision on the property.
The Home Report is the first thing a seller will need to arrange once they decide to sell their home. The property cannot be sold without one. Once the report is complete, they have 12 weeks to put the home on the market.
There is no expiry date for a Home Report once the home is on the market. However, there are instances where a seller will“refresh” the report. Below we look at when this may happen and who pays for it.
What is a Home Report?
A Home Report is a series of documents provided by sellers to prospective buyers. This became a legal requirement when selling a house in Scotland as of December 1st 2008.
The Home Report will give you and buyers more information about the condition and value of your home. This includes any issues, energy efficiency and the structure of the building.The report is made of three parts, two of which require a chartered surveyor. This is the Single Survey and the Energy Report. The final element, the Property Questionnaire, is completed by the seller.
When Do I Need to Get One?
In Scotland, you need to have a Home Report completed before listing the property for sale. It is against the law to sell your home without one and you could face a fine.
Buyers must be given a copy of the Home Report within nine days of asking for it.
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How Long Do They Last?
There is no official expiry date for the Home Report once your property is on the market. That said, the documents within the report must not be more than 12 weeks old when you put your home on the market
If a property is on the market for a long period of time, sellers often opt to “refresh” the Home Report. In some cases, a buyer may request a refresh if the property has been on the market longer than average. This is not a legal requirement but it may help reassure any potential buyers.
How Much Does It Cost to Refresh a Home Report?
A refresh is usually a re-inspection of the property, rather than an additional survey. As a result, the cost of refreshing a Home Report will likely be less than the cost of a Home Report. According to One Survey, typically this is a third of the cost. For reference, a Home Report costs between £585 and £820 on average.
The cost will depend on how much time the surveyor has spent on the refresh. It will also depend on the location and value of the property.
Who Pays?
Unlike in the rest of the UK, where the buyer pays for a survey, in Scotland, it is paid for by the seller. However, if a buyer requests a refresh of the Home Report, it is up to the buyer and seller to agree on who pays for this.
As the seller, if you agree to pay for the refresh, you will need to factor this into the cost of selling your house.
Can I Charge a Buyer for My Home Report?
No, a buyer cannot be charged for a Home Report. Legally you are obliged to provide a copy of the report when a buyer submits a note of interest in your property.
You may be able to cover “reasonable” charges for printing and posting if a physical copy is requested by a buyer.
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Do I Need a Home Report If I Sell My Home Privately?
Yes, you will need a Home Report whether you sell your home privately or through an estate agent. Under Part 3 of the Housing (Scotland) Act 2006, the person marketing the property must provide a Home Report. As with all sales in Scotland, this will need to be completed by a chartered surveyor.
How Do I Get a Home Report?
For the Single Survey and Energy Report parts of the Home Report, you will need a RICS chartered surveyor. They will complete a survey of the condition of the home and check the energy efficiency.
At Compare My Move, we can match you with RICS surveyors in your area. This ensures you receive a high-quality Home Report for selling your home in Scotland.
