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  • Andrew MacKenzie
  • March 07, 2018 06:34:23 PM
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A Little About Us

A blog which provides hints and tips and valuable resources about home reports in Scotland. Home reports are mandatory in Scotland when selling your property. The blog discusses all aspects of selling your home and is a valuable resource.

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    What is a mortgage valuation?

    A mortgage valuation survey is a brief report carried out by a qualified surveyor to inspect the property you’re looking to buy. It’s specific to the property you’re looking to buy and gives the lender confirmation of the property’s current value, also taking into consideration... The post What is a mortgage valuation? appeared first on Home Report...

    A mortgage valuation survey is a brief report carried out by a qualified surveyor to inspect the property you’re looking to buy.

    It’s specific to the property you’re looking to buy and gives the lender confirmation of the property’s current value, also taking into consideration recently sold prices of similar properties in the same area. It’ll also take into consideration any defects which may affect the property’s value. The lender needs to ensure they are not taking any risks lending on a property that may have structural issues or are above a shop/restaurant or in a state of neglect. The valuation is commissioned by the lender and paid for by you and is simply about confirming the value of the property. This is important to understand because it is unlikely that you will ever get a copy of it because the RICS surveyor is working for the lender, not you.

    What’s involved?

    The objective of the valuation is to confirm the amount offered by you is a fair market value for the property; the bank wants to ensure that if they need to repossess the property, that they can sell it again quickly on the open market and be able to clear their mortgage charge. A mortgage valuation flags certain defects within a property that the Surveyor feels could affect the property’s value, however it is not a detailed defect report.

    What do they look for?

    As mentioned, the mortgage valuation in not an in-depth report.  It’ll be 2-3 pages maximum. When you make an application for a mortgage the mortgage lender usually wants to know the answer to 2 main questions:

    1. Is the house worth the price you’re paying for it?
    2. Is the house going to fall down any time soon?

    Let’s quickly look at each of these two questions in a bit more detail.

    Is the house worth the price you are paying for it?

    From a lenders point of view, they purely need to know that they aren’t lending someone £150,000 for a house that’s only worth £80,000. If they ever have to repossess the property, they want to be sure they will get as much of their money back as possible. That’s the most straight-forward explanation but there are other factors to take into consideration like loan to value (LTV). They just want to know that the valuation you or the buyer has placed on the property is a true reflection of the property’s current value. To confirm this, they will look at the overall condition of the property, whether it has been has any renovations carried out or requires modernisation and whether the number of bedrooms declared is accurate considering building regulations. They will also be looking at comparables of similar houses that have recently sold in the area.

    Is the house going to fall down anytime soon?

    A mortgage valuation survey will check for obvious sign of structural damage, damp, problems with the roof, problems with wiring etc. however no floor coverings will be lifted and no readings will be taken. If any potential issues are obvious, the surveyor may recommend that a more detailed report (a specialist damp and timber report for example) be obtained by the mortgage company before approving the mortgage.

    How much does a mortgage valuation cost?

    Generally, you will pay for the lender’s survey. The cost is based on the value and size of the property you are looking to purchase and costs typically £150 to £1,500.

    If you are looking for a RICS qualified surveyor to carry out a property survey, get in touch today by calling us on 0131 608 0175, email us at info@homereportcompany.co.uk or send us a message online.

     

     

     

     

     

     

     

    The post What is a mortgage valuation? appeared first on Home Report Company.


    What is a chartered surveyor?

    Prior to buying or selling a property, you’ll possibly never have heard of a chartered surveyor or know what their role is in the purchase/sale process. In this blog post, we will explain all aspects so that you are fully informed. A Chartered Surveyor is... The post What is a chartered surveyor? appeared first on Home Report...

    Prior to buying or selling a property, you’ll possibly never have heard of a chartered surveyor or know what their role is in the purchase/sale process. In this blog post, we will explain all aspects so that you are fully informed.

    A Chartered Surveyor is a highly trained and experienced property professional. They offer impartial, specialist advice on a variety of property related issues and the services which they provide are diverse.

    Chartered Surveyors work in all fields of property and building consultancy. At the most basic level, their duties include valuing property and looking for structural defects in buildings. They also provide expert consultancy advice in property, construction and related environmental issues.

    The representative professional body is the Royal Institution of Chartered Surveyors.

    What does a Chartered Surveyor do? 

    The surveyor will visit the home you are thinking of buying, assessing all areas of the property and identify any problems or potential issues that may turn out to be a problem the future. They will then compile all relevant information into a report for you and from the surveys findings, you can then make an informed decision about whether or not you want to go ahead with the purchase.  If there are one or several issues, it might give you scope to renegotiate the sale price based on the findings within the report. If issues are found with the property that are likely to cause you to have to fork out for repairs, e.g. £6K, you could negotiate the price of the property down by that amount.

    When do I need a Chartered Surveyor?

    You would use a chartered surveyor if you wanted a valuation for a future or existing project or renovation. Surveyors can value land, buildings, or machinery however, most will normally choose to specialise in one area of work. For example, a rural surveyor would value a farm and its assets, whereas a building surveyor might value an urban apartment complex.

    In addition to this, chartered surveyors can give assistance to companies or individuals at the design and implementation stages of a construction project, often suggesting how to maximise the land available and helping consult with the planning authorities.

    A surveyor can also assess the condition of an existing building or site and produce a report for a client, detailing problems (including structural or environmental), potential solutions and their costs.

    If you are selling a property, you will also need a surveyor to carry out the Home Report which is required in order to get your property on the market.

    What are the benefits of using a Chartered Surveyor?

    Using a chartered surveyor means that you are getting a professional opinion on an important and expensive investment like purchasing a house.

    Surveyors are property experts and will have had experience with the local authorities. They are well placed to advise you on valuations, the condition of a property, and how to deal with local authorities.

    The experience and expertise of chartered surveyors mean they will conduct a more thorough and accurate investigation than anyone else can, which in turn means that you get the best advice on how to act. This is really important when you consider the huge value of buying a property. A surveyor will also have access to services and information that you may not be able to uncover easily such as details of rights of way, affecting a property.

    What services should a Chartered Surveyor offer?

    You will need to choose a surveyor who specialises in your area of work. In most instances when buying a house, you’d need a building surveyor. They can advise on the design considerations and the construction of new buildings and repairs/restorations for existing buildings. However, you also get surveyors which specialise in ‘construction’, ‘environment’ and ‘rural surveyors’ which value rural properties and their assets (like farms and farm machinery/

    They offer an array of services in different fields, but the most common services offered by building surveyors are:

    RICS Condition Report

    identifies any risks and potential legal issues and highlights any urgent defects. It’s most suitable for new-build and conventional homes in good condition; no advice or valuation is provided in this survey.

    RICS HomeBuyer Report

    a survey suitable for conventional properties in reasonable condition. It will help you find out if there are any structural problems, such as subsidence or damp, as well as any other unwelcome hidden issues inside and outside.

    RICS Building Survey

    The Building Survey provides the same level of in-depth inspection as a building survey but uses a simple a clear presentation style and a 1, 2, 3 rating system to ensure that you can easily identify the most serious issues. This is mainly aimed at larger or older properties.

    Building or full structural survey

    the most comprehensive survey and is suitable for all residential properties. It’s very extensive and in some circumstances worth the extra money but it does not usually include a valuation

    New-build snagging survey

    an independent inspection to look for any issues with the property.

    Mortgage valuation survey

    the mortgage valuation is to satisfy the lender that your desired property is worth the price you’re paying – or at least the amount it’s lending, before they approve your mortgage. it won’t point out repairs or structural problems that you will have to pay to fix.

    Home Report (Scotland only)

    In Scotland, a seller is legally required to produce a Home Report prior to your property going onto the market. Buyers have access to it free-of-charge.

    It consists of:

    What qualifications do Chartered Surveyors have?

    RICS is the main professional institution, and membership is essential to become a chartered surveyor. To become a member of RICS, surveyors usually need to take a degree or postgraduate conversion course accredited by RICS.

    Where to find a surveyor

    It’s very important to use a qualified surveyor. You can usually find one through recommendation from your lender, solicitor or estate agent. Always choose someone who is RICS regulated means you know they have to follow the guidelines of that organisation. Chartered Surveyors may offer different advantages, as some can offer a very quick turnaround time on reports.

     

    If you are looking to sell your property, the first thing you’ll need is a Home Report. We are RICS Charted Surveyors specialising in Home Reports across Scotland from as little as £85. Get in touch today to arrange a time to suit you. We offer early morning or evening and weekend appointments. Call us on 0131 608 0175 or email us at info@homereportcompany.co.uk

     

    The post What is a chartered surveyor? appeared first on Home Report Company.


    Selling your property in Winter

    There is a common misconception that winter isn’t a great time to sell your home. Historically people have thought of spring being the best time to sell and winter perhaps being a bit quieter. However, the reality is that if you’re able to get your... The post Selling your property in Winter appeared first on Home Report...

    There is a common misconception that winter isn’t a great time to sell your home. Historically people have thought of spring being the best time to sell and winter perhaps being a bit quieter. However, the reality is that if you’re able to get your home on the market, particularly during the first week or two in January, then you can put yourself in a really strong position.

    Why is winter a great time to sell your property?

    Buyers will always start looking each year almost as soon as the New Year’s bells have finished ringing. Whereas most sellers aren’t in a position to get their home onto the market until late January or early February. So, if you are one of those sellers who gets their home on the market during the first week or two of the year then you’ll find that you’re in a really strong position to take advantage of that early demand at a time when there are far fewer homes coming onto the market to compete with you.

    Tips to sell your property in winter

    If you are thinking of selling your home this winter, here are few tips you can take advantage of to put yourself in the best position to get a really good price for your property.

    Ensure your home is warm and welcoming

    The first and possibly the most important is to make sure your home is warm and welcoming to potential buyers when they come around to view the property. If buyers are coming in out of the cold air, then there’s nothing nicer than feeling that warm blast of warm air as they enter your home. It’ll make them feel welcome and set the tone of the viewing for potential buyers.

    Clear paths around the property from snow and ice

    You’ll also want to make sure clear paths from around your property from ice and snow. You don’t want buyers to feel it’s been a bit of struggle or have had a fraught journey to get there.

    Lights on!

    At this time of year, the nights are drawing in and there’s a lot less daylight so it’s important to make sure your home is bright and well lit. Switch on all of the main lights and any lamps, side lights that you have as well to make sure that your home is warm and welcoming.

    If you are looking to sell your property, the first thing you’ll need is a Home Report. We are RICS Charted Surveyors specialising in Home Reports across Scotland from as little as £85. Get in touch today to arrange a time to suit you. We offer early morning or evening and weekend appointments. Call us on 0131 608 0175 or email us at info@homereportcompany.co.uk

     

    The post Selling your property in Winter appeared first on Home Report Company.


    Scottish LBTT Additional Dwelling Supplement increase to 4%

    The Scottish government has announced in its recent budget that it will be increasing the Land and Building Transactions tax (LBTT) additional dwelling supplement from 3% to 4%. This will hit any additional landlord or second home purchases and if approved by the Scottish Parliament... The post Scottish LBTT Additional Dwelling Supplement increase to 4% appeared first on Home Report...

    The Scottish government has announced in its recent budget that it will be increasing the Land and Building Transactions tax (LBTT) additional dwelling supplement from 3% to 4%.

    This will hit any additional landlord or second home purchases and if approved by the Scottish Parliament will be effective from the 25th January 2019.

    What is ADS and how could it affect separating spouses and separating partners who are hoping to buy a new home?

    Additional Dwelling Supplement (ADS) was introduced in April 2016 for people buying an additional residential property over and above their main home. ADS is 3% of the total purchase price of an additional residential property purchase of £40,000 or more, soon to be increased to 4% which is payable in addition to LBTT.

    ADS is payable mainly someone buys an additional property for investment or recreational purposes, such as a buy-to-let property or a second/holiday home. However, it can also include instances such as a young couple retaining one of their existing flats as a pension and buying a family home, or someone who has inherited a home or bought a home under the Right to Buy scheme.

    In theory, ADS is not payable where a person is replacing their principal residence but, if the new residence is purchased first, the ADS will have to be paid within 30 days of purchase and the purchaser will only be able to reclaim this if the original residence is sold or transferred within 18 months.

    The rise was part of a government drive to support first-time buyers and assist people as they move up the property ladder.

    If you are looking to sell your property, the first thing you’ll need is a Home Report. We are RICS Charted Surveyors specialising in Home Reports across Scotland from as little as £85. Get in touch today to arrange a time to suit you. We offer early morning or evening and weekend appointments. Call us on 0131 608 0175 or email us at info@homereportcompany.co.uk

    The post Scottish LBTT Additional Dwelling Supplement increase to 4% appeared first on Home Report Company.


    Property Market Update November 2018

    Seller confidence and buyer demand remain strong in east central Scotland property market  During September and November 2018, there was a substantial year on year increase in the volume of properties coming onto the market in east central Scotland, with the number of listings up... The post Property Market Update November 2018 appeared first on Home Report...

    Seller confidence and buyer demand remain strong in east central Scotland property market 

    During September and November 2018, there was a substantial year on year increase in the volume of properties coming onto the market in east central Scotland, with the number of listings up 14.1% when comparing the same period last year. In Edinburgh, the number of homes coming to market rose by 5.5% between September and November. This continued increasing trend is a positive sign for buyers, indicating an ongoing confidence of sellers, despite the uncertainty surrounding Brexit.

    The number of properties sold during this period increased by 1.4% annually. This increase is the positive result of an increasing number of homes being brought to market in recent months.

    Average selling price in east central Scotland

    The average selling price in east central Scotland rose to £246,142 between September and November 2018, which is a 5.3% increase annually. In Edinburgh, the median selling price was £268,175 which was a 5.7% increase compared to the same period last year.

    Selling trends

    Two-bedroom flats in the coastal areas of Portobello and Joppa saw the most significant year on year increase in average selling prices, increasing by 22.5% to £254,442. Two bed flats in Trinity, Newhaven and Inverleith also increased by 18.7% to £258,898.

    One-bedroom flats in Polwarth, Shandon and Tollcross reached the highest average percentage over Home Report valuation at 111.9%, followed by one-bedroom flats in Dalry, Gorgie, Slateford and Chesser which achieved 109.8% of their valuation on average.

    Average selling price of three-bedroom properties in Liberton and Gilmerton fell by 11.3% to £227,523.

    During the period September to November 2018, the average selling price of properties in West Lothian rose by 12.2% to £185,358. In East Lothian, the average selling price rose by 11.7% to £242,689.

    Selling times 

    One-bedroom flats in Leith Walk, Easter Road, Pilrig and Bonnington and two-bedroom flats in New Town and West End were the quickest to sell, with a median selling time of just13 days.

    The top selling property type from September to November 2018 was two-bedroom flats in Leith, followed by three-bedroom houses in Dunfermline and two-bedroom flats in Newington.

    Brexit and the east central Scotland property market

    Jamie Fraser-Davidson, Business Analyst at ESPC, said: “Despite approaching Brexit, it appears seller confidence in the east central Scotland property market is staying strong with the number of homes coming to market continuing to increase compared to last year. Average selling prices are also rising steadily, and properties are regularly achieving their Home Report valuation, as well as short selling times, indicating that the significant demand from buyers continues.

    “The outcome of next week’s Parliament vote on the Brexit deal may have an impact on the confidence of both buyers and sellers in the east central Scotland property market and it will be interesting to monitor the effects of this over the next few months. However, regardless of the result, we expect the east central Scotland property market to be relatively resilient throughout the changes that leaving the EU will bring, in comparison to other areas of the UK, some of which are starting to show signs of stress.”

     

    If you are looking to sell your property, the first thing you’ll need is a Home Report. We are RICS Charted Surveyors specialising in Home Reports across Scotland from as little as £85. Get in touch today to arrange a time to suit you. We offer early morning or evening and weekend appointments. Call us on 0131 608 0175 or email us at info@homereportcompany.co.uk

     

    The post Property Market Update November 2018 appeared first on Home Report Company.


    Is Winter a Good Time to Sell Your Property?

    The short, the answer is ‘Yes’. Winter can be a great time to sell your property as buyer demand typically outstrips the supply of homes for sale, putting sellers in a strong position. As we enter December, the property market is certainly not at a... The post Is Winter a Good Time to Sell Your Property? appeared first on Home Report...

    The short, the answer is ‘Yes’. Winter can be a great time to sell your property as buyer demand typically outstrips the supply of homes for sale, putting sellers in a strong position.

    As we enter December, the property market is certainly not at a standstill. Properties are continuing to sell well in a continuation of what has been a very strong year for the market in Edinburgh and the Lothians. Since the end of the summer there have been more sellers willing to take the plunge and get their home onto the market. This has helped create a greater balance in the local market, though while most properties are still selling well, the high premiums that we were previously seeing are slightly less prevalent.

    Demand Isn’t Seasonal

    The majority of home buyers tend not to move home on a knee-jerk reaction. There are many reasons why people tend be looking to buy; re-location for work, a growing family, separation, downsizing or to release funds for other plans such as travel or retirement. As a result, these people don’t need to hang off until Spring next year to move.

    Fewer people do tend to put their properties on the market in winter due to the perception surrounding peak selling times. However,  this typically means less competition among sellers and less properties for buyers to choose from, but demand from buyers is still there!

    To take advantage of the winter market and make sure that you are in the strongest position possible, here are some of our top tips for selling your property during Winter.

    Top Tips for Selling in Winter

    Winter selling tips, to give you the very best chance of selling your property for the best possible price!

    1. If your property isn’t yet on the market, don’t wait! Take advantage of active buyers and a diminishing number of properties coming to market. A lot of buyers will be on annual leave over the festive period and will have additional time for viewings.
    2. Make sure the house is warm and cosy when buyers come around, especially if it’s chilly outside. It definitely adds appeal for prospective buyers.
    3. If you have a garden or outside space, make sure it’s ready for viewings. Sweep up any dead leaves and give the lawn a final mow. Hide wheelie bins/recycling tubs out of sight and consider adding some bright colours plants in pots or planters to add a splash of colour.
    4. If selling near Christmas, try not to have the house cluttered with unnecessary decorations! Try and create the illusion of as much space as possible by keeping surfaces uncluttered. Cards can be hung on string and attached to walls or doors for example.
    5. Even though the balance of supply and demand is in your favour you want to make your property as attractive as possible, so be realistic on price. Don’t be quick to turn down the first offer, any offer is good. It may not be the price you are looking for, but you can negotiate. Your selling agent will be able to advise you further on pricing structure and expectations.
    6. A good tidy-up and some elbow grease can go a long way to increasing the attractiveness of your property to prospective viewers. Now is the perfect time to clean items such as curtains, as it is much more likely that they will be closed due to the longer nights.
    7. Once the festive period is over, try to get the property returned to normality as quickly as possible. Get rid of wrapping paper and packaging, put new toys out of sight or into safe storage and be ready to have your property viewed at a moment’s notice. Remember that many buyers will be on annual leave over the festive period and will have more time for viewings so can turn up at short notice.
    8. If photos of the outside of your property were taken during winter and the property is still on the market at the start of 2019, arrange a re-shoot with your agent’s photographer. Hopefully the new shots will include some blue skies and greenery, or at the very least without snow on the roof and Christmas decorations in the windows! Signs of Christmas or snowy weather in photos creates an idea of the time that the property came onto the market, suggesting to potential buyers in spring that the property has been on the market for a while.

    Remember that buyers are still out in force throughout the winter, so follow our tips and you will stand the best chance of selling your property for the very best price!

    If you are looking to sell your property, the first thing you’ll need is a Home Report. We are RICS Charted Surveyors specialising in Home Reports across Scotland from as little as £85. Get in touch today to arrange a time to suit you. We offer early morning or evening and weekend appointments. Call us on 0131 608 0175 or email us at info@homereportcompany.co.uk

     

    The post Is Winter a Good Time to Sell Your Property? appeared first on Home Report Company.


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