Home report validation period

Tagawiff500

Hello I am looking for some advise please.

My partner and I are looking at a house with the prospect to buying, we have had a viewing and now have the home report from the selling agents, on our viewing we noticed a few items that would need addressing ( the house is relatively new 2009, with settlement cracks in plaster ) the work still needs doing, the home report show these items but the report was carried out 25 months ago.

So my question is how long does a home report last ? My thoughts would be the seller rectifies these items??

Thoughts please

G_M

:huh: Scotland?

Tagawiff500

Yes in Scotland

boqq_2

Home report needs to be updated, anything more than six months will not be any good but make sure that the surveyor actually revisits as they tend not to with newer properties. Get a quote and try to negotiate on the price. if it's been on the market for over two yrs they need to be flexible. Also this should be covered by an NHBC warranty as it's been built less than ten yrs. Re home report most lenders seem to still want to commission their own valuation...

bigadaj

Settlement cracks in the plaster would be a majorconcern however cracking of new plaster is common in new properties, or those that have been refurbished and if they are minor it's probably this.

googler

There's nothing in the legislation that imposes a limit on the validity of the HR.

However, most mortgage lenders have decided that they won't accept anything older than 12 weeks.

Your solicitor, when making your offer, should make the offer conditional on you seeing a satisfactory HR, and your offer won't proceed until the HR is 'refreshed'

agrinnall

Exactly what googler said, I've just had to refresh my Home Report having received an offer 9 months after the report was first created. Cost of a refresh was £120 compared to £480 for the initial report, if the seller won't do it I'd be very suspicious. Whether the seller will rectify anything in the report is down to negotiation, but bear in mind that the valuation is made on the condition at the time of survey, if faults are fixed then that's likely to cause the value to increase.

Tagawiff500

bigadaj wrote: »

Settlement cracks in the plaster would be a majorconcern however cracking of new plaster is common in new properties, or those that have been refurbished and if they are minor it's probably this.

The cracks do seem minor, I have spoken with a builder and told they "are normal with new houses" and can be repaired easily

Googler, we won't be borrowing money for the purchase so we can't get advice from a lender, but will instruct solicited when we put offer in.

Agrinnall, I am willing to negotiate with seller, it seems strange that they haven't refreshed before now. I am very aware that the valuation is two years old and any offer will be based on this rather than an updated valuation.

googler

Tagawiff500 wrote: »

Googler, we won't be borrowing money for the purchase so we can't get advice from a lender, but will instruct soliciter when we put offer in.

You need to instruct a solicitor before putting your offer in, because your solicitor will tender the offer on your behalf. That's the way the house buying and selling system works in Scotland. The offer is made in a specific legal form, and forms the first 'missive', essentially the first stage of your contract to buy.


I am willing to negotiate with seller, it seems strange that they haven't refreshed before now.

... because there's no reason for them to do so. Again -

"There's nothing in the legislation that imposes a time limit on the validity of the HR."

No seller refreshes their HR in the hope of getting an offer, nor on the basis of a regular refresh 'for the sake of it' - they refresh when they have an offer, and when the buyer's lender insists on a refresh.

Do also bear in mind that with prices showing a general average increase according to some press reports, there is the remote possibility that a refresh may bring out a higher valuation than before....