Home Reports: the key facts
What are they, who pays for them and how can I get my hands on them? Your questions answered.
Since 1st December 2008 a Seller who is marketing their property is required by law to provide you with a Home Report for their property. The Home Report is paid for by the Seller and is designed to ensure the potential buyer is more informed about a property before they consider submitting an offer. The Home Report comprises three sections:
Single survey: this is compiled by a Chartered Surveyor and provides detailed information regarding the condition of the property and issues such as accessibility. It also contains a property valuation - the price which the surveyor deems the property is worth in current market conditions. The purpose is to give you information on which you can make a reasonable and informed decision on whether or not to proceed with the purchase. Click here to view a sample
Energy Performance Certificate: this is generally carried out by the same surveyor who conducts the single survey and it will provide you with an assessment on the property's energy efficiency rating and environmental impact. Improvements, if appropriate, are also suggested within the report. Click here to view a sample
Sellers Questionnaire: the seller will complete a property questionnaire which will include information such as council tax band, property enhancements and alterations made, car parking, responsibility for common areas (e.g. Factor's involvement) and other information relating to the property e.g. key utility providers and servicing records for heating/plumbing systems. Click here to view a sample
It is recommended that you do not rely upon a Home Report that is more than three months old. If the Home Report is more than three months old you can ask the Seller to "refresh" or update the Home Report or you can submit your offer conditional upon the Seller updating the Home Report.
Bear in mind that you are still entitled to have your own valuation or survey carried out before you make an offer, and indeed if you are borrowing a high percentage of the purchase price your Lender may insist that you instruct your own survey report.
Access To Home Reports
As members of the ESPC we instruct our Home reports through their portal and this ensures that any potential purchaser who wishes to view the report can easily do so either through the ESPC or our own web-site.
The Royal Institute of Chartered Surveyors have produced detailed guidance on Home Reports for sellers and buyers which you should review click here.
To learn more about Home Reports from a Seller's perspective click here
