The Single Survey explained
The Single Survey is a detailed survey of a property equivalent to the existing ‘scheme 2’ Homebuyers Survey and Valuation report. Its purpose is to ensure that buyers and sellers of properties in Scotland have detailed information about the condition and value of a home before offers are submitted.
It includes information on the type, accommodation, age and construction of the property, and information regarding the local area. It provides a detailed report on the condition of the property with repairs allocated to one of three categories according to their urgency. It also includes a short audit of the house that details its accessibility features.
Can a home-buyer rely on the Single Survey?
Yes. Buyers will have a statutory right to damages if the survey does not meet legal requirements. Buyers will have a survey report that is not only prepared by a professional and backed up by professional standards and the obligation to be objective, but is also underpinned by specific legal liability. The liability to a buyer is similar to that which the surveyor has towards the seller who commissioned the survey. An independent Surveyors Ombudsman Scheme provides a route for buyers and sellers whose complaints are not resolved by the surveyor.
Will mortgage lenders rely on a Mortgage Valuation from the Surveyor who undertook the Single Survey?
The Council of Mortgage Lenders has made it clear that lenders would not wish to see the full Single Survey report. It has also said that there will be many cases, where a Mortgage Valuation Report in the lender's format provided by the Single Survey Surveyor will be acceptable. Lenders will use the Mortgage Valuation Report in the same way as they currently do but will of course, as at present, look more carefully at some applications depending on the property, the client's circumstances and may seek further information or instruct its own valuation for that purpose. A Mortgage Valuation Report will automatically be included in all Home Reports ordered throught ESPC.