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www.cornard.info |
The Great Cornard Information Website |
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Legal Updates (2005) |
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Page updated - 06 December 2005 |
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Solicitors Details: |
Bates, Wells & Braithwaite. 27 Friars Street, Sudbury, Suffolk. CO10 2AD Tel: (01787) 880440 Fax: (01787) 880488 Visit the Website Email the Solicitors |
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Cornard News - These articles were first published in Cornard News |
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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:
In the event that the property is leasehold additional documents will be required:
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 |