Tag Archives: reports
Legalities of Home Reports
A home report is a document that is used by a buyer and mortgage lender to evaluate a properties suitability. Until recently it was paid for by the buyer who would commission a survey of the property. This is a bit like going to a car salesman and being told you have to pay to find out what condition it’s in before purchasing. The rules have changed so that the home owner or seller is the one legally required to pay for the report to be made. There are a few exceptions that do not require a home report such as properties that went on the market before 1st Dec 2008 and new build homes that are being sold for the first time. Unfortunately these reports don’t come for free and will set you back between £350 and £700.
A home report is comprised of a survey compiled by a chartered surveyor which will contain specific information on the condition of the property as well as accessibility information and an overall valuation. It will also include an energy report of the property to gauge its efficiency and a general questionnaire. The ratings run from A to G with A being the best. The better the energy report is the less the home owner will have to pay on fuel bills. The questionnaire will be about matters such as the council tax band and changes that have been made to the property.
One of the advantages of having an estate agent sell your property for you is that they will usually organize the home report and send it out to prospective buyers when necessary. There are advantages to home owners being required to provide home reports. It can mean that the process of selling a home can be sped up as sellers will not need to wait for buyers to organize their own property surveys.
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Access to credit reports is difficult to obtain; the government offers each person one free look per year at their credit report. Since recordings change frequently, one view per year is not enough for those who are truly concerned about their credit. Ordering a credit score report from other trusted companies on the web is advised for continual monitoring. Here is a quick review of important facts about why monitoring credit reports regularly is so crucial:
1. Access To Unknown Reports
Recordings may be reported that the consumer is not even aware of. Everyone has forgotten various bills for things they have signed up for, such as monthly subscriptions and various types of membership clubs. Some companies with high membership or subscription fees may report items which are severely past due and have accumulated a large amount.
2. Improving Chances Of Success For Those Seeking Employment
Many times different items may be added to a credit report which will cause serious problems. Those seeking a job will find that undesirable recordings on a credit report may result in disqualification for a position applied for. In today’s tough economy, knowing what is on one’s credit score is crucial to avoid being disregarded for good jobs.
3. Discovery Of Mistakes
With the rising popularity of identity theft, monitoring a credit report may save the consumer from costly hassles. While it is possible to stop, catch and prosecute criminals responsible for this, the process is lengthy and usually requires large amounts of out-of-pocket money from the victim. Catching mysterious isolated reports before they materialize into a long list is highly advised to protect one’s identity.
4. Working On Credit Improvement
Due to the current economic crisis, excellent credit is needed for approval of credit cards and loans for vehicles. By working to contact creditors and resolving issues recorded on a credit score report, the consumer will enjoy an increased score and removal of undesirable records.