News & Legal Updates
Sign up to news & legal updates
Readers of this blog will know that I have been a vociferous campaigner against the Home Report. One of the flaws, highlighted during the property downturn, was the fact that the Home Report only lasted for 3 months and lenders then required it to be refreshed. The issue was that if an offer had come in at lower than the Home Report value when the surveyors were doing the refresh if they found out this lower value they tended to decrease the value of the property.
As followers of the property market will know there has been an increase in prices over the last 6 months. We are now getting to the point where 50% or more of property transactions are coming in at higher than Home Report valuation. Does this mean when the surveyor does the refresh they will increase the value? This would seem to be logical although I am not sure how positive lenders would feel about this development. I am in communication with a number of surveyors and will let you know the outcome.
Partner – Head of Property
The opinions expressed in this site are of the author(s) only and do not necessarily represent the opinions of Blackadders LLP.
Blackadders takes all reasonable steps to ensure that the content of this site is accurate and up to date. The site is not, however, intended as a substitute for seeking legal or other professional advice but rather as an informative guide to the services provided by Blackadders and topical legal developments. Site visitors should always seek advice tailored to their specific situation. Consequently, Blackadders accepts no responsibility for any loss or damage suffered by anyone acting or failing to act on the basis of information contained on this site. Downloading of material contained on this site is at the user’s own risk and all necessary virus checks must first be carried out by the user. Blackadders is not responsible for the material found on any web sites linked to this one and links to this site may only be made with Blackadders prior consent.
Blackadders owns the copyright in this blog and all material contained on it. The material on this site may be downloaded for personal use only and must not be altered. Otherwise, Blackadders’ written consent is required before any material on this site is reproduced, copied or transmitted in any way.
Information passed to us via this site is kept confidential and will not be disclosed to third parties except if authorised by you or required by law.
© Blackadders LLP 2011
Members of the Law Society of Scotland. Authorised to conduct Investment Business under the Financial Services & Markets Act 2000 by the Financial Services Authority.
Blackadders Solicitors is a trading name of Blackadders LLP, a limited liability partnership, registered in Scotland No SO301600 whose registered office is 30 & 34 Reform Street, Dundee, DD1 1RJ. Reference to a ‘partner’ is to a member of Blackadders LLP.Back to News & Legal updates