Property Search X

What are the differences between Option 1 and Option 2?

- Fact

Option 1 - This is the legal document that you are required to provide as a seller.

- Fiction

Option 2 - This includes a generic Mortgage Valuation Report which you are NOT obliged to provide or pay for.

- Cost

Below is an example of the savings you can make by using Survey Scotland Ltd. The below example is for a property with an estimated value of £120,000 in the Glasgow area.

Total Cost: £195

Total Cost: £599+

Mortgage Valuation Reports are not a legal requirement.

A Home Report is comprised of three documents: the Single Survey, Energy Performance Certificate and Property Questionnaire, as set out by the Scottish Government.

The Mortgage Valuation Report is an optional very costly extra that you do not require. It is primarily for the Buyers benefit.

Ask yourself this: Are you happy to pay for something for the benefit of someone else?

What guarantees are there that this valuation report will be accepted by their mortgage lending panel?

Despite what many Estate Agents and Chartered Surveying firms may tell you; there are absolutely no assurances that a Home Report will be accepted by every lenders panel, regardless of the firm.

You cannot assume you will know which lender your purchaser will be obtaining a mortgage from (if they require a mortgage), when you come to sell your house.

The majority of mortgage / remortgage products available on the market at the present time will offer your purchaser a free or heavily discounted valuation report.

So, why take the risk of purchasing an expensive, optional document that they may choose to accept or require?

It is likely your purchaser will want to instruct their own valuation.

Another key question to ask: Why does my estate agent insist that I must have a Mortgage Valuation Report?

Estate Agents will often encourage you to use a surveying firm of their choosing as it is likely that they will be earning income from commission received through their partner firm or as is often the case the surveying firm they are recommending is owned by or within the same group of companies.

Survey Scotland Ltd are an independent Chartered Surveying firm and we are wholly privately owned.

Valuation Refreshes

You are not obliged to have the valuation 'refreshed' every 12 weeks. Your estate agent may be making commission from you each time you have it refreshed.

By paying to refresh the Valuation you are guessing that a purchaser will be able to use the updated document within the next 12 weeks.

Disclaimer: The example contained within this page is for illustration purposes only. It has been calculated by a series of telephone quotations that we have received. We cannot be held liable. Any reliance you place on such information is therefore strictly at your own risk.

Further insight into the Home Report