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Home Reports - Your Questions Answered
From December 2008 the seller of any residential property must make available a Home Report to potential buyers.
The Home Report should comprise a survey, energy performance certificate, property questionnaire and a mortgage valuation.
Some further detail is below. If you have any questions, GSB Properties is ready to help answer them if you call us on 01620 825368.
What is a Home Report?
As of December 1, 2008 it will be a formal requirement for all Sellers to produce a Home Report on demand to a prospective buyer. The contents of a Home Report will consist of four elements: a Condition or Survey Report, Mortgage Valuation, an Energy Performance Certificate and a Property Questionnaire.
Who provides them?
The legislation states that when a property is on the open market for sale, the Home Report has to be provided by the Seller or the Seller’s agent responsible for the marketing of the property.
Who will be able to advise me about Home Reports?
If you are buying or selling a property, it is vital that you take full advice from your solicitor or estate agent at an early stage so you can be taken through the process of instructing, reviewing or considering the impact of the report.
How do I get a home report?
If you are a Seller, the Home Report can be arranged for you by your agent as part of the property marketing process.
Who provides the survey, energy certificate and mortgage valuation?
At present, these elements can only be provided by a RICs member (Royal Institute of Chartered Surveyors). GSB Properties has arrangements with a panel of surveyors who can take care of this for you.
Who prepares the questionnaire?
The Property Questionnaire covers a number of practical questions asked of the potential Seller, such as the age of the property, any alterations which have been made, Council Tax Banding, etc. The Property Questionnaire must be completed by the Seller or the Seller's Agent. Again, GSB Properties staff will be able to guide you if you have any queries.
As a buyer, can I rely on a Home Report?
It is the primary intention of the legislation that buyers will be able to rely on Home Reports. The surveyor providing the Home Report will have a duty of care to the eventual buyer of a property. The Seller is also under a duty of care as regards information provided in the Property Questionnaire.
What is the likely cost?
The cost of the Home Report will be linked to the property value and is estimated to start from £500 onwards.
Who will pay for them?
Since the onus is on the seller to provide the report, the seller must also bear the cost. However, sellers should have the option to defer payment until the property is sold.
What will lenders do?
You will need to check with your prospective lender regarding their mortgage valuation requirements. GSB Properties will be monitoring developments in this area so please contact us with any questions you may have.
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