Understanding your Home Report

If you’re preparing to sell your home, you’ll soon encounter the Home Report, a legally required document for properties being sold on the open market in Scotland. Introduced in 2008 to provide transparency for buyers, this report ensures that potential purchasers have access to essential details about the property before making an offer.

A Home Report consists of four key parts: Single Survey, Mortgage Valuation, Energy Performance Certificate (EPC), and Property Questionnaire (PQ). It must be compiled by an independent Chartered Surveyor and should ideally be completed as close as possible to your property going live on the market to ensure the information remains fresh and relevant.

Timing is Key

The date of inspection listed in the Home Report is crucial because it indicates when the survey was conducted. Given that buyers and lenders prefer reports to be as recent as possible, it’s advisable to schedule the survey just a few days before your intended listing date, something that is considered during our pre-market processes.

Additionally, if your Home Report is more than 12 weeks old, you may be required to have a replacement survey carried out, which involves a reassessment by the original Chartered Surveying firm to ensure no significant changes have occurred. This is especially important for maintaining buyer confidence and ensuring that your home remains mortgage-compliant.

Breaking Down the Home Report

  • Single Survey – conducted by a Chartered Surveyor, this provides an assessment of the property’s condition, structure, and market value

  • Mortgage Valuation – this valuation confirms to lenders that the property is a viable security for a mortgage

  • Energy Performance Certificate (EPC) – also carried out by the Surveyor, this rates the home’s energy efficiency and provides recommendations for improvements

  • Property Questionnaire (PQ) – completed by the seller, this section contains vital details about the property, including council tax banding, alterations, and utility information

Differences Between Chartered Surveying Firms

Not all Chartered Surveying firms are equal, and selecting the right one can significantly impact your sale. One key differentiator is whether a firm is part of lender-approved panels. Most mortgage lenders require valuations from Surveyors who are part of their accepted panel, before they will approve a loan against a property. If a Home Report is produced by a firm that is not widely accepted by lenders, this can create obstacles for buyers needing mortgage finance, potentially reducing your pool of prospective buyers or leaving you having to commission another report by another firm.

Additionally, some firms have greater market recognition and credibility, meaning buyers and lenders place more trust in their assessments. This can translate into smoother transactions, fewer valuation disputes, and a higher chance of securing a competitive offer.

Choosing a well-established, lender-approved surveying firm ensures that your Home Report is robust, recognised, and does not inadvertently create hurdles for your sale. This is something that we assist all of our clients from the outset.