Post by Patrick on Apr 6, 2009 0:51:40 GMT
New rules have come into force which mean home owners must have a home information pack (Hip) in place before putting their property on the market.
Previously, sellers could simply order a Hip before erecting a for-sale sign. Vendors must also set out extra details such as the home's council tax band in a new questionnaire.
The government has welcomed the changes saying they offer buyers more clarity. But critics have attacked Hips as an "expensive waste of time".
It is an expensive waste of time - Solicitors will not take a search done at home as legally binding. Same goes for some other aspects of the Pack. It couldn't come at a worse time for the Property market and will probably see Spring time as flat as a pancake. I certainly wouldn't believe a word of a HIP where the details (structural alterations?) have been filled in by the seller - It's like asking the 18 year old owner of GTI or sports car if he's thrashed the guts out of it or not?!
One of the reasons for a review of the House Sale process - begun by the Tories was an attempt to stop Gazumping and the other nefarious activities that went on during the last boom. For some reason everything was turned upside down and it's become a joke - not even attempting to solve any of the problems it originally set out to cure. It has succeeded in slowing down the process if anything - whilst solicitors have been working with town councils and the Land Registry to computerise and integrate their systems to speed up what they do anyway! HIPs are just a hindrance now. When what we really need is legislation that means a buyer is locked into a sale as soon as their offer is accepted.
Why we couldn't have simply looked at other systems around the world that are better than ours - and adopted that - instead of all the money wasted on this is beyond me! That's what we do though - Spend millions on focus groups and inspectors and advisors etc - and get rubbish at the end of it!
Previously, sellers could simply order a Hip before erecting a for-sale sign. Vendors must also set out extra details such as the home's council tax band in a new questionnaire.
The government has welcomed the changes saying they offer buyers more clarity. But critics have attacked Hips as an "expensive waste of time".
It is an expensive waste of time - Solicitors will not take a search done at home as legally binding. Same goes for some other aspects of the Pack. It couldn't come at a worse time for the Property market and will probably see Spring time as flat as a pancake. I certainly wouldn't believe a word of a HIP where the details (structural alterations?) have been filled in by the seller - It's like asking the 18 year old owner of GTI or sports car if he's thrashed the guts out of it or not?!
One of the reasons for a review of the House Sale process - begun by the Tories was an attempt to stop Gazumping and the other nefarious activities that went on during the last boom. For some reason everything was turned upside down and it's become a joke - not even attempting to solve any of the problems it originally set out to cure. It has succeeded in slowing down the process if anything - whilst solicitors have been working with town councils and the Land Registry to computerise and integrate their systems to speed up what they do anyway! HIPs are just a hindrance now. When what we really need is legislation that means a buyer is locked into a sale as soon as their offer is accepted.
Why we couldn't have simply looked at other systems around the world that are better than ours - and adopted that - instead of all the money wasted on this is beyond me! That's what we do though - Spend millions on focus groups and inspectors and advisors etc - and get rubbish at the end of it!
