Home Reports and Mortgage Valuations
We outline whether your Scottish Home Report needs to contain a mortgage valuation.
Do I need to employ a Home Report provider recommended by my mortgage lender?
No. You do not need to pay for a valuation as part of your Home Report.
What should my Home Report contain?
You are selling your house, so you can use whoever you wish to provide your EPC and Single Survey as part of your Scottish Home Report. All you need to ensure is that the surveyor who undertakes the survey is a member of the Royal Institution of Chartered Surveyors. You, the seller, complete the Property Questionnaire.
Do I need a mortgage valuation?
You can ask your surveyor to undertake a Generic Mortgage Valuation (GMV) of your property. However, be warned that not all surveyors are on every lenders panel, so a lender may not accept the valuation. The Council of Mortgage Lenders (CML) currently has 113 members and 86 associates so it is not surprising that not all surveyors are on all the lenders panels.
You don't know which lender your buyer may use
At this early stage of the process, you probably won’t know who your potential buyer’s lender will be, so there is a chance the mortgage valuation will have to be repeated. The buyer – not the seller - usually pays for the mortgage valuation as their part of the purchase process. As the seller, you are NOT obliged to provide a valuation which is predominantly for the benefit of the buyer.
Some marketing or estate agent firms may try to bolt on a mortgage valuation to your Home Report so think carefully before paying that extra fee.
Updated April 2020
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