WORCESTER solicitors Hallmarks will be ready to launch the new Home Information Pack service in line with Government legislation.
Buying a house is one of the most stressful things we can do in life and the Government is so concerned with the number of failed sales that it has launched new legislation aimed at slashing the time it takes to move home.
From June 1, 2007, all sellers will have to produce a Home Information Pack for potential buyers to see before they can put their properties on the market.
Paid for by the seller, it includes a home condition report and local authority searches - costs that are normally the burden of
the buyer. The team at Hallmarks, in Sansome Place, Worcester, will be ready to respond to seller's requests for the packs and say they are looking forward to this new aspect of conveyancing.
Jason Hodnett, assistant solicitor in Hallmark's Property Department is preparing to launch the packs with licensed conveyancer Donna Ingram.
"The pack is expected to reduce the time it takes to purchase a home and thus cut the amount of stress involved," said Mr Hodnett. "We will be able to provide all the searches, obtain copies of any planning, listed building or building regulations approvals, copies of warranties, the contract and a house condition report, based on a professional survey of the property. The new law means that packs will be prepared before the house is put on the market so that any potential buyer will have all the facts at his fingertips before he decides to buy."
Mr Ingram is confident the new legislation will cut out timewasters and the threat of gazumping.
Sara Pawsey
"The longer the homebuying process up to exchange of contracts, the more opportunity there is for gazumping to take place," she said. "The legislation requires that a lot of information is gathered before a buyer even looks round a property. Why waste hundreds of pounds on legal fees and surveys only for the transaction to fall through? Hallmarks will have the technology and systems in place to help the seller prepare the pack and we are prepared for the new challenge."
The Government estimates that around 30 per cent of property sales fall through each year at a cost of £350m to consumers.
The seller will have to pay for HIP - at present the buyer has to pay for the collection of the relevant information. The Government estimates the pack will cost about £600 plus VAT to put together, but it is likely that the Home Information Pack providers will agree to defer these fees until sales are completed.
Martin Thomas, partner in the property department at Hallmarks, confirmed that the Law Society have recently announced it will be a major provider of Home Information Packs and that local independent solicitors and estate agents will be able to assist sellers comply with the new law.
Sara Pawsey
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