Mortgage Column: Broker Provides Insight into Home Records



Hello and welcome to the July column on the world of mortgages and real estate.

This month I want to introduce you to one of the most important documents that you will see when buying a property – Home Report.

I enlisted the help of local real estate expert Craig McIntosh, who co-founded The Home Hub in East Kilbride, to give you an overview of the details to look out for.

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Home Report was presented in Scotland in December 2008.

Anyone listing their property for sale in Scotland must receive a home report.

Sellers must prepare a home report before the property is put up for sale, so that it will be available to all potential buyers for the entire time the property is up for sale.

There are some exceptions to this rule, for example for new buildings and any properties that are not sold on the open market.

So what information does the home report contain?

The Scottish Home Report is a package that provides information on the condition and value of a property.

The Scottish Government has established that it is legally required to contain three sections, namely Energy Performance Certificate, Unified Survey and Property Questionnaire.

An Energy Performance Certificate (EPC) indicates the energy performance of a building based on a standard way of using it.

A single survey is a detailed report on the condition and value of a property.

It is designed to provide the buyer and seller with detailed information on the condition and value of the property prior to submitting any offers.

The condition of the property can be divided into three categories:

Category 1 – no immediate repair required

Category 2 – Repair or replacement requiring future attention

Category 3 – Urgent repair or replacement required.

The property questionnaire is completed by the seller and asks who owns the property.

It provides some useful information such as the municipality’s tax range and existing service providers.

If you have hired a real estate agent to help you sell and sell your property, they can arrange for a home report to be drawn up by a qualified surveyor, and you will be responsible for completing the real estate questionnaire.

If you are selling your property without the help of a real estate agent, you need to arrange a surveyor yourself.

When anyone in Scotland applies for a mortgage for that property, the lender will usually ask for a copy of the Home Report to assess the property’s suitability for lending purposes.

If it has been done within the last three months, it should be sufficient for their criteria.

As always, a mortgage consultant or real estate agent will be able to advise you on home reports and assist you in the buying or selling process.

I hope this has been helpful to anyone looking to buy or sell a new property in the coming months.

See you next month.

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