show their true value

The Scotsman - - Farming -

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.

Pic­ture: Sandy Young

re­port, but depend­ing on who he works for, a lender might re­ject his val­u­a­tion

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