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Legal Updates (2005)

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Page updated - 06 December 2005

Solicitors Details:

Bates, Wells & Braithwaite. 27 Friars Street, Sudbury, Suffolk. CO10 2AD

Tel: (01787) 880440 Fax: (01787) 880488     Visit the Website     Email the Solicitors

Cornard News - These articles were first published in Cornard News

2005 Winter

Issue 24

THE HOME INFORMATION PACK

Most of us are aware that it can take homeowners many weeks and sometimes even months to buy and sell. There is a real need to speed up the conveyancing process, to make it less stressful and for there to be less opportunity for transactions to fall through.

 

In an effort to combat these problems the Government is committed to the introduction of Home Information Packs throughout England and Wales from early 2007. The Packs will provide a buyer with key information about the property enabling them to make an informed decision before making an offer for the property reducing the risk of price negotiations which sometimes arise after survey reports searches etc are received. It is hoped that with information supplied early, in an understandable and user-friendly format that delays and the stress caused by those delays will be greatly reduced and that there will be a significant reduction in the number of abortive transactions.

 

Whilst the exact content of the Pack remains uncertain at this stage it is likely to contain the following:

  • Contract

  • Evidence of the sellerís title

  • Searches

  • Planning documents

  • Property Information Form

  • Guarantees

  • Home Condition Report Ė a report on the physical condition of the property

 

In the event that the property is leasehold additional documents will be required:

  • Lease

  • Service charge accounts and receipts

  • Details of and current or proposed works

  • Building insurance

  • Management company/landlordís regulations

  • Memorandum & Articles of Association of management company or landlord

 

When the new law comes into force, it will be an offence to market your property for sale until the Pack is in place.  The Pack will need to be professionally prepared to ensure that the regulations are complied with and that you do not commit an offence that would render you liable to a fine.

 

Bates, Wells & Braithwaite.

 

07 Nov 2005