First Time Buyers FAQs
Find out the answers to your frequently asked questions
Do I need my own survey when buying a property?
Quite often we are asked by First Time Buyers “Do I need my own survey” so we hope that you will find this useful.
Most buyers rely on the Home Report
The Home Report was intended to replace the need for buyers to get their own valuation and survey report and most buyers and indeed most lenders (mortgage providers) are happy to accept the Home Report as being sufficient.
There is nothing to stop you, as a buyer, instructing your own independent valuation and survey report from a surveyor of your choice, but that would need to be done at your cost.
What is the Home Report?
The Home Report is a valuation and survey report on the property instructed and paid for by the owner of the property being sold but can be relied on by buyers and their lenders.
In the Home Report you will find the Single Survey Report and Valuation, the Energy Performance Certificate and the Seller’s Questionnaire. It is always worth downloading and reading the Home Report before you view a property.
Additional Survey Reports
Sometimes the Home Report will highlight issues with the property, such as there may be dampness or a roof repair is thought to be required.
In these cases, and unless the seller has already obtained reports on these, we recommend that any offer you make is subject to you getting these Additional Survey Reports.
Those reports would be instructed by you and paid for by you. The cost can be several hundred Pounds but are necessary for your protection.
Where the Home Report discloses any such issues, we shall advise you and then obtain quotes of the costs for you to approve.
The situation is different if you are buying a new-build property
You don’t get a Home Report if you are buying a new-build flat or house. When you buy a new-build property, your lender (mortgage provider) will instruct its own valuation report to make sure that the value of the property is what you are paying for it.
We have a whole list of FAQs for first time buyers
If you have any more questions you would like answered, then you might find them in our First Time Buyer FAQs section.
About Cameron Stephen & Co
We are a firm of solicitors and estate agents based in the Leith area of Edinburgh.
We specialise in helping first time buyers in Edinburgh. So, if you would like to find out more, then below are a few links to get you started.