Home Information Pack mk2
Some interesting news has arisen that Government are concerned at the length of time it takes to buy a property in England and Wales.
An enquiry is to start in the next few weeks whose aim is to investigate the issue of length of time and the possibility of ‘gazumping’; which according to HM Treasury costs us £270million a year on failed house transactions.
Clearly one option could be to use the model that is used in Scotland, whereby once an offer is accepted the contracts (missives) are then agreed, making the process quicker. In Scotland the sellers must produce a Home Report, which contains a home survey, the energy performance certificate and a property questionnaire.
Elmhurst lived through the first Home Information Pack fiasco, when the then Labour Government found it tough to implement a new ‘sellers pack’ on the industry in England and Wales; this led to huge expense and a new system being created; which very quickly was made voluntary and therefore subsequently it fell apart. Whilst we welcome any measures to help improve the home selling process in England and Wales; we very much look forward to the investigation and hopefully some pretty lively debate.
Stuart Fairlie – Head of Technical
For more information: http://www.bbc.co.uk/news/business-36257109