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18/11/2005
Government launches home information packs
The use of Home Information Packs by home sellers is to become compulsory from June 1, 2007, the government has announced.
The packs, which were made law by last year’s Housing Act, aim to make house buying quicker, as well as reduce the costs involved.
Currently, potential buyers can spend hundreds of pounds on valuations, legal advice and searches on transactions that ultimately break down.
It is hoped that the packs, which are expected to cost around £600 plus VAT, would help prevent waste and significantly reduce the number of sales that fall through.
Housing Minister Yvette Cooper said: “Too many sales fall through because of delays and late information, wasting money and causing great stress for buyers and sellers, that’s why we are introducing the packs. We have been working with all parts of industry on the detail and this timetable will give them time to fully prepare”.
The next steps for the programme will be the establishment of a certification scheme and registers of Home Inspectors. Only certified inspectors will be able to prepare the home condition reports that will form the basis of packs. It is estimated that between 5,000 and 7,4000, mainly from the surveying and property industry, will be required to train as inspectors ahead of the introduction of the packs.
It is expected that this will be established by the summer of 2006.
The Council of Mortgage Lenders has criticised the plans to introduce the packs in June, during a traditionally busy period in the housing market. The CML warned that the introduction of the packs during this busy time could lead to “some unwelcome effects” during the transition to the new regime.
The CML said that it was likely that some people would rush to sell their house ahead of the deadline, creating a “spike” in properties put up for sale immediately before the implementation date. Introducing the packs during a quieter time, when the market was more able to cope, would be better, the CML argued.
(KMcA)
The packs, which were made law by last year’s Housing Act, aim to make house buying quicker, as well as reduce the costs involved.
Currently, potential buyers can spend hundreds of pounds on valuations, legal advice and searches on transactions that ultimately break down.
It is hoped that the packs, which are expected to cost around £600 plus VAT, would help prevent waste and significantly reduce the number of sales that fall through.
Housing Minister Yvette Cooper said: “Too many sales fall through because of delays and late information, wasting money and causing great stress for buyers and sellers, that’s why we are introducing the packs. We have been working with all parts of industry on the detail and this timetable will give them time to fully prepare”.
The next steps for the programme will be the establishment of a certification scheme and registers of Home Inspectors. Only certified inspectors will be able to prepare the home condition reports that will form the basis of packs. It is estimated that between 5,000 and 7,4000, mainly from the surveying and property industry, will be required to train as inspectors ahead of the introduction of the packs.
It is expected that this will be established by the summer of 2006.
The Council of Mortgage Lenders has criticised the plans to introduce the packs in June, during a traditionally busy period in the housing market. The CML warned that the introduction of the packs during this busy time could lead to “some unwelcome effects” during the transition to the new regime.
The CML said that it was likely that some people would rush to sell their house ahead of the deadline, creating a “spike” in properties put up for sale immediately before the implementation date. Introducing the packs during a quieter time, when the market was more able to cope, would be better, the CML argued.
(KMcA)
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01 August 2007
Home Information Packs launched
The government's Home Information Packs have come into force in England and Wales, amid claims that they will make house selling more expensive. The packs contain title deeds, local searches and an energy performance certificate, which will provide information on reducing energy consumption and making homes more environmentally friendly.
Home Information Packs launched
The government's Home Information Packs have come into force in England and Wales, amid claims that they will make house selling more expensive. The packs contain title deeds, local searches and an energy performance certificate, which will provide information on reducing energy consumption and making homes more environmentally friendly.
16 March 2007
Law Society warns on 'Home Information Packs'
The Law Society and housing experts have condemned ministers for failing to discuss the introduction of Home Information Packs (HIPs.) The Law Society described the government's plans to introduce Home Information Packs (HIPs) on 1 June as "incomplete, potentially very costly to the consumer and damaging to the property market.
Law Society warns on 'Home Information Packs'
The Law Society and housing experts have condemned ministers for failing to discuss the introduction of Home Information Packs (HIPs.) The Law Society described the government's plans to introduce Home Information Packs (HIPs) on 1 June as "incomplete, potentially very costly to the consumer and damaging to the property market.
22 November 2004
New info packs set to end 'shambolic' house-selling process
The new Home Information Packs will put an end to Britain's "shambolic" home-buying and selling process, the government has said today. From 2007 sellers or their estate agents will be required to have key information available at the start of the process of marketing their home.
New info packs set to end 'shambolic' house-selling process
The new Home Information Packs will put an end to Britain's "shambolic" home-buying and selling process, the government has said today. From 2007 sellers or their estate agents will be required to have key information available at the start of the process of marketing their home.
31 March 2003
Sellers pack set to make house buying easier
People selling their home will have to provide a pack of information on the property, under plans set out in a draft Housing Bill. It is hoped that the move will iron out various difficulties in private sector housing.
Sellers pack set to make house buying easier
People selling their home will have to provide a pack of information on the property, under plans set out in a draft Housing Bill. It is hoped that the move will iron out various difficulties in private sector housing.
03 February 2004
'Strong support' shown for home buyers' 'pack' proposal
A research summary report published today has revealed "strong support" among home buyers and sellers for the Home Condition Report, which forms part of the government's Home Information Pack proposals. The proposals have been created to address the problems associated with selling homes in England and Wales.
'Strong support' shown for home buyers' 'pack' proposal
A research summary report published today has revealed "strong support" among home buyers and sellers for the Home Condition Report, which forms part of the government's Home Information Pack proposals. The proposals have been created to address the problems associated with selling homes in England and Wales.
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