show their true value
independent surveyor who is not on the major lenders’ panels,” Carroll explained. “In these cases, the buyer will almost always have to instruct their own survey because their lender does not accept surveys from that particular firm of surveyors.”
Sarah Speirs, deputy director of Rics Scotland, acknowledged that lenders have a right to Home reports were introduced in December 2008 and are the Scottish version of the home information packs (Hips) that came into force south of the Border.
Hips, which were less comprehensive than home reports, were scrapped this summer but the Scottish Government said home reports would not be abolished, although it is reviewing the system.
The reports, required for all homes sold in Scotland, comprise a “single survey”, an energy efficiency report and a property questionnaire. They cost sellers of an average property about £350.
The single survey is a surveyor’s assessment of the property’s condition and includes a valuation. The energy report is also carried out by a surveyor. The property questionnaire is completed by the seller. reject reports from firms with which they have no commercial relationship.
But she added: “Rics is working with the Council of Mortgage Lenders to encourage their members to accept home report mortgage valuations in the small number of cases where the valuer is not included on the applicants chosen lenders panel.”
Neil Harrison, marketing and performance manager at ESPC, said the issue needed to be addressed for home reports to be of real value. “The document has been produced by a qualified professional to a set template. It is hard to see why from the client view the bank should be concerned about the firm doing the job,” he said.
The Scottish Government is currently reviewing home reports, including the impact of the panel system, and is expected to reveal its findings next month. over the place. Many will miss the green, but a fair number will be decent shots and a few will be very close indeed.
Now get a professional to take one shot at the same hole; he will almost certainly hit the green, he may be close to the pin, but there will be a select group of hackers even closer.
Now repeat the exercise, this time with the pro playing first. Another solid shot to the heart of the green. When the club golfers play, there will again be some shots nearer … but they are unlikely to be the same players who beat the pro the first time. Do it twice more and you can pretty much guarantee that not one of the hopeful thousand will have been inside the pro every time. The pro may or may not have more innate skill than any of his challengers, but he does this job every day, all day, for a living and he has been doing it for years.
You wouldn’t let yourself be operated on by an amateur surgeon, and neither would you trust your life savings to an untrained, part-time fund manager.
However, the ordinary investor will look at the events of the past three years, a landscape littered with the wreckage of several once-great financial institutions laid low by some of the finest minds in
Howlettisfund managerdirectoratBrooks MacdonaldAssetManagement.
report, but depending on who he works for, a lender might reject his valuation