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Mortgages Big Changes In The Buying And Selling Of Houses

Mortgages .​
Big Changes in​ the​ Buying And Selling Of Houses.
On June 1 st 2018,​ the​ law concerning the​ buying and selling of​ houses changes .​
From that date onwards everyone who wants to​ sell a​ house has firstly to​ prepare a​ Home Information Pack (HIP).
And if​ you​ don't? You're in​ the​ frame for a​ £200 fine! It's also probable that estate agents will also insist on​ you​ having the​ Pack ready by the​ time they put your home on​ the​ market .​
Certainly,​ buyers' solicitors won't do a​ thing until you​ provide the​ Pack .​
All in​ all,​ you​ don't have an​ option – you'll have to​ go along with the​ law.
So what has to​ go in​ the​ Pack?
The Government has yet to​ confirm the​ final details but at​ the​ moment,​ it​ proposes that your Pack must include the​ following information:
Search results from H.M .​
Land Registry
Replies to​ anticipated initial enquiries – these are the​ currently raised by the​ buyer's solicitor
Copies of​ any planning,​ listed building and building regulations consents and approvals .​
If you​ don't have these,​ you'll need copies from your Local Planning Authority
And for new properties,​ copies of​ building warranties,​ electrical test certificates,​ and any other warranties or​ guarantees attaching to​ the​ property.
A draft sale contract
It is​ also proposed that the​ Pack should contain two items currently obtained by the​ buyer:
A professional independent survey of​ the​ property called a​ Home Condition Report .​
This is​ expected to​ be mid-level survey like the​ current Homebuyer Survey and will offer far more information than a​ lender's valuation report – but the​ Government has yet to​ announce the​ details .​
However,​ it​ seems likely that the​ Report will have to​ comment on​ the​ property's state of​ repair,​ it's energy conservation efficiency,​ the​ number and type of​ rooms and parking arrangements .​
Both buyers and sellers will have a​ legal right to​ rely on​ this Report and there'll be no need for buyers to​ obtain their own reports or​ surveys. We expect lenders to​ make their own valuations as​ they do now,​ but they'll want to​ maximise the​ use of​ the​ new Home Condition Report to​ improve their valuations and cut costs to​ consumers.
Replies to​ searches made of​ the​ Local Authority
In addition,​ if​ the​ property is​ leasehold:
A copy of​ the​ lease
The most recent service charge accounts and receipts
Details of​ the​ building's insurance and receipts for the​ premiums paid.
And finally,​ any regulations made by the​ management company or​ landlord
And how much is​ all this going to​ cost? the​ Government believes that t he Pack is​ likely to​ cost sellers around £825 including VAT .​
But they claim these are not additional costs.
The Government make the​ following points:
The HIP transfers responsibility for obtaining local searches and a​ home condition report from the​ buyer to​ the​ seller .​
But since most sellers are also buyers,​ the​ costs will usually be balanced out by corresponding savings and benefits .​
We agree.
The Government also say that most sellers won't have to​ pay up front for the​ pack .​
We very much doubt that .​
Someone is​ going to​ have to​ pay and we doubt whether solicitors or​ estate agents will pay upfront on​ behalf of​ the​ seller .​
The seller is​ going to​ have to​ fork out as​ soon as​ the​ property is​ put up for sale .​
Some commentators predict that this will act as​ a​ brake on​ properties coming to​ the​ market .​
We think that it​ will dissuade all but the​ committed sellers – those simply wanting to​ test the​ market will probably back off .​
In practice this will be a​ good thing,​ but we agree that it​ will reduce the​ amount of​ property on​ the​ market.
The Government believes that market forces will keep down the​ prices for preparing Home Condition Reports and Home Information Packs .​
We aren't so confident about this .​
It very much depends on​ how estate agents and solicitors adapt the​ pricing within their fee structures .​
Expect some very creative pricing,​ especially from estate agents! It's certainly going to​ pay you​ to​ shop around for a​ good deal.
Every year around 30% of​ agreed house sales fall through .​
The cost? At least £350 million each year! It's the​ Government's hope that the​ Home Information Packs will greatly the​ numbers falling through and avoid much of​ these wasted costs .​
We won't argue against that but the​ National Association of​ Estate Agents disagree with us.
They think the​ new Packs will simply shift the​ existing problems from the​ middle of​ the​ selling process to​ the​ beginning .​
Other commentators believe that HIPs will do nothing to​ reduce gazumping or​ indeed,​ the​ tricks employed by some of​ the​ less reputable estate agents.
Our general view is​ that if​ the​ packs help to​ identify problems before everyone starts incurring cost and instructing solicitors,​ then surely that's for the​ better? We say better to​ have problems out in​ the​ open at​ the​ start than stumble upon them half way through the​ selling process.
We just hope that all these changes in​ the​ buying and selling houses don't result in​ a​ bureaucratic nightmare .​
Over 7,​500 inspectors will be needed to​ carry out the​ new Home Condition Reports and getting them all trained,​ qualified and registered in​ time may yet prove to​ be that fly in​ the​ ointment!

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