Single Survey and Valuation of the property which must, by law, be carried out by a Chartered Surveyor who is a member of RICS.
The Single Survey
The Single Survey scheme has been introduced to help home buyers make a more informed decision when making the biggest decision of their lives. The Single Survey will give information about the current condition of the property and also state its current value and accessibility issues
The report is designed to tackle three previous weaknesses in the house buying and selling process in Scotland:
- The over-reliance of buyers on Scheme 1 valuations that only provide limited information on a property’s condition
- The potential for multiple valuations which results in unnecessarily abortive costs for house buyers
- The setting of house prices at an artificially low level by sellers in order to stimulate interest in a property, resulting in needless money spent on surveys and valuation reports
As part one of three documents of a Home Report, the Single Survey is carried out by an RICS surveyor and reports on the key aspects of any property from top to bottom; giving an unbiased assessment of the property’s condition and an estimate of its market value.
The inspection informs potential home movers about the type, accommodation, neighbourhood, age and construction of a property. It also informs buyers about the extent of the inspection and makes note of any areas that the surveyor was unable to inspect that could have a bearing on the overall condition of the property.
Following the completion of the survey the surveyor is required to provide a summary of the condition of the property in list form. This is designed to alert buyers to the potential for urgent or future repairs and areas that are in good condition and require no immediate action.
Additionally, (and generally requested), the Chartered Surveyor can also provide a generic Mortgage Valuation Report for inclusion within the Home Report. This generic Mortgage Valuation can be provided to a given lender when discussing a potential mortgage offer. It is not a legal requirement of the Home Report to include a generic Mortgage Valuation but it has been included to assist potential buyers and lenders alike.
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