Scotland only - Refreshed Home Report

Mazzawa

Hi guys

This one is for the scots only I think since it wont apply in other parts of the UK. If a buyer requests a refreshed Home Report as one of the clauses in an offer, what problems might arise from this? Is this standard practice nowadays?

I'm out of touch!

Mazz

flight1

My house has been on the market for 5 weeks now. When we got home report we were advised this would be valid for 3 months and would need reviewed following this time perirod when a buyer was interested. The cost of this review was to be £150. Think this is normal practice.

googler

Possible outcomes

1 The refreshed valuation is the same, and the sale continues toward conclusion

2 The refreshed valuation is lower, leading to the buyer reducing their offer to match, leading to you having less to spend on your onward purchase.

There's little or no chance of the refreshed valuation being higher than the original .

Problems;

Deciding who pays for the refresh. There's nothing in the legislation that says the seller must pay for it, so there's two points of view;

The seller paid for the original report, and this is merely an extension of the original, therefore the seller pays, or -

The buyer's lender is requesting the refresh, therefore the buyer or their lender should pay.

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At the end of the day, ask your solicitor or selling agent. It's what you're paying them for!

Mazzawa

Fingers crossed the value doesn't change!! Yes I had not thought of the cost, will speak to the boss and see what they want to do.

Thanks to both of you - this forum is so useful!