Home Reports Set To Change The Scottish Housing Market

From December 2008 Home Reports (the new name for the Single Survey) are being introduced. This new report must be prepared and available before a home can be marketed for sale. Providing key information at an early stage in the property transaction will allow a more informed decision.

A Home Report will consist of three documents:

• A Single Survey, prepared by a surveyor which outlines the condition and value of a property
• An Energy Report, also prepared by a surveyor, that gives a homes energy efficiency rating and environmental impact
• A Property Questionnaire, which the seller will need to complete containing useful information for buyers, solicitors and surveyors

Who will be responsible for providing the Home Report?

The responsibility for having a Home Report ready when a home is marketed for sale will lie with the seller or alternatively the organisation responsible for marketing the property usually a solicitor or estate agent. Sellers will be responsible for the cost of a Home Report.

Will this affect me right now?

No. The legislation does not take effect until 1st December 2008, but if you are planning on buying or selling towards the end of 2008, then you need to be aware of what's happening.

Ignoring the Act will cost you £500!

Trading Standards will have responsibility for ensuring that sellers or their selling agent have a Home Report for the property. A penalty fine of £500 could be levied if a seller or a selling agent is in breach of the act.

A Home Report will not have a specified shelf life. Decisions on whether constituent parts need to be updated are for sellers, buyers and their professional advisors to take.

Want to know more? Contact MoveMachine.

If you would like more information please email MoveMachine. Alternatively the Scottish Government has created a website called Home Report Scotland. The website includes information for buyers and sellers, industry profressionals, frequently asked questions and the detailed regulations.