The Highland HIP

Scotland has introduced Home Reports into their property market in a bid to help prospective buyers. These information packs will be compulsory for all properties marketed after 1st December 2008.

Following the controversial introduction of Home Information Packs (HIPs) across England and Wales, the Scottish Executive has recognised a need for upfront communication between buyers and sellers.

The new Home Reports are designed to save buyers time and money, cutting out the need to arrange several valuations and surveys on each property of interest - in Scotland an offer made by buyers is legally binding. The reports should also encourage sellers to fix any problems before they market the property as buyers will be put off by packs showing potentially expensive issues.

For sellers, the Home Reports are essential as it will be illegal to market your property without one following the schemes introduction on the 1st December and you could face a fine of up to £500 if you fail to provide a pack. Whilst this report may seem like an unnecessary cost, the Home Reports will save you the hassle of having several valuations by prospective buyers, as you arrange one surveyor to visit at a time to suit you and then simply copy the report to give to each buyer.

What is included in a Home Report?

The Home Report will differ slightly from the HIPs used in England and Wales in order to reflect the differences in the Scottish legal system. As well as general information explaining the Scottish buying and selling process, there are three main components that a standard Home Report should include, these are:

• The Single Survey
• An energy efficiency report
• A property questionnaire

The single survey is the key difference between the Home Report and the HIP. It is designed to give both Sellers and Buyers information about the condition and value of a home so that offers made will meet both parties' expectations. For the first time, buyers will be able to see an accessibility report aimed at the elderly, disabled and parents of young children.

Who needs a Home Report?

Almost all properties marketed for sale in Scotland on or after 1st December 2008 will require a Home Report. If your house is already on the market before this date then you do not need to purchase a report, however if there is a break in the marketing of your property after the commencement date then a report will need to be arranged.

After the 1st December 2008, you are required to have your report in place before you market your property and if a buyer requests part or all of the Home Report it must be given to them within nine days. Under the new legislation, the house must be put on the market before the report is twelve weeks old otherwise a new report must be compiled, however once the property is on the market the report doesn't need to be updated again as no 'shelf-life' has been imposed.

Hassle-free home reports from ContractorFinancials

When you are in the process of selling your property, the last thing you want is an added complication to think about. That's why we have teamed up with a number of surveyors that specialise in the new Scottish Home Reports. We will handle the whole process from start to finish, so all you have to do is decide what time is convenient for them to visit.

We have been able to negotiate special rates for our Contractor clients to stop your Home Report being an unnecessary expense at an already expensive time. We only recommend surveyors that are regulated to carry out the new Scottish Home Reports and that we can trust to offer an excellent level of service to our clients. We understand that as a Contractor, your time is precious so we have made it as easy as possible for you to arrange this essential report.

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