I have to use my estate agent’s supplier
Buyers are sometimes charged as much as 50% more in commission for a Home Report if they get one through their solicitor or estate agent, but many sellers are not aware that this is the case. Only a Chartered Surveyor and member of the Royal Institution of Chartered Surveyors is legally qualified to undertake the necessary property survey and produce the Home Report. By going direct to a Surveyor, you will always get best value.
I have to update my Home Report every 12 weeks
The legislation does not impose a set shelf life or validity period for the Home Report. Once you have obtained a Home Report you have fulfilled your obligation. Decisions as to whether any aspects of the Home Report need to be updated are for sellers to take. For example, if you carry out repairs to the property it may be beneficial to update the report.
As long as you do not take your property off the market for more than four weeks during marketing you are not legally required to update or “Refresh” the report. Ask your estate agent what commission they are earning if they persuade you to have a Refresh carried out. Do you really want to incur an unnecessary additional cost every 12 weeks?
My estate agent says the Chartered Surveyor has to be local or the lender will not accept the Home Report.
The only requirement is that the Chartered Surveyor is a Member of the RICS. Due to the quality assurance programme imposed by RICS our Chartered Surveyors are closely monitored to ensure accuracy and consistency.
My estate agent says its worthless unless the company is on every lenders panel
The valuation will not be accepted by lenders after 12 weeks and they will not require a “Refresh” of the valuation. However as stated above the onus is not on the seller to do this. Purchasers often want an independent valuation within the 12 week period.
What is the benefit of paying a large sum for the Home Report?
There is no benefit. The document will look exactly the same wherever you have it produced. Just ensure it is being carried out by a RICS Registered Chartered Surveyor.
