Scheme 1 - Mortgage Valuation

The valuation for mortgage purposes is a limited report for Building Societies, Banks and other lenders before a loan is made on a property. Please note the following:

• this is not a survey
• the report is used to guide lenders on the value of a property for loan purposes only

Although the inspection will be carried out by a Valuer who will be a qualified Surveyor it is not a detailed inspection of the property and only major visible defects will be noted. The Surveyor will not inspect under floor areas communal roof spaces or other parts not readily accessible. The exterior and roof of the property will be inspected from ground level only.

Scheme 2 - Homebuyer Report and Valuation

This type of report is much more detailed than the mortgage valuation and focuses on essentials, defects and problems which are urgent or significant and thus have an affect on the value of the property. The Surveyor's main objectives in providing the service are to give guidance on value and to assist the prospective home buyer to

• make a reasoned and informed judgement on whether or not to proceed with the purchase
• assess at what price it would be reasonable to purchase the property
• be clear what decisions and actions should be taken before making an offer to purchase

The Surveyor will also give a professional opinion about the particular features of the property which affects its present value and may affect its future resale. The report covers the building inside and outside, the services and the site. (Noted: services are not tested). It focuses on the defects and other problems which the Surveyor judges to be urgent or significant. It also covers:

• general condition and particular features
• particular points which should be referred to your legal advisers
• other relevant considerations concerning for example safety, location or perhaps insurance.

Market Value (MV)

The estimated amount for which a property should exchange on the date of Valuation between a willing buyer and a willing seller in an arms length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.

Home Report

The Scottish Government is introducing a major change to the way that homes are bought and sold in Scotland from 1 December 2008. The seller of the property must provide a Home Report which comprises of 3 documents: a single survey, an energy report and a property questionnaire. The Home Report will be made available on request to prospective buyers of the home. The single survey contains an assessment by a surveyor of the condition of the home, a valuation and an accessibility audit for people with particular needs.

The energy report contains an assessment by a surveyor of the energy efficiency of the home and its environmental impact. It also recommends ways to improve its energy efficiency.

The property questionnaire is completed by the seller of the home. It contains additional information about the home, such as council tax banding and factoring costs that will be useful to buyers.

Single Survey

The single survey gives sellers detailed information about the condition and value of a home before it is marketed for sale. It also gives buyers better information about the condition and value of a home before they make an offer.

Energy Performance Certificate (Residential Properties)

An Energy Performance Certificate is required for all residential properties sold or rented after 4 January 2009 and provides information on the current energy efficiency of the property and makes recommendations on ways the efficiency can be improved. Once obtained, the energy performance certificate lasts for ten years. From 4 January 2009 all new tenants are required to be provided with an EPC by the landlord. Where an existing tenancy is extended, an EPC does not require to be provided.

Energy Performance Certificate (Public & Commercial Buildings)

An Energy Performance Certificate is required for all commercial properties sold or rented after 4 January 2009. This includes shops, offices, industrial units etc. EPC's are required for all new tenants but where an existing tenancy is extended an EPC does not require to be provided. An EPC is also required to be displayed in all public buildings over 1,000m2 from 4 January 2009.