14 Jul

Housing Market Update

It’s time for a change!


It is frustrating how archaic the legal process is surrounding house transactions and it’s amazing that the process has not changed aside from added bureaucracy in the last twenty years despite the introduction of electronic communication.


The only attempt with the introduction of Home Information Packs or HIPS as they were known ended in 2011 and looking back it may well have been because they were ahead of their time but with clients having to stump up £400.00 upfront for each HIP you were guaranteed motivated vendors.


Home information packs, had they been fully implemented, were meant to contain every piece of information you would require in order to decide on whether to proceed with a purchase and to speed up the legal conveyancing process.


From survey to searches it was going to be a one stop shop and from the vendors point of view any remedial works that would inevitably come to light from the home condition report would be allowed for as part of the offer process, meaning it wouldn’t take weeks for the surveyor to book an appointment and find works then both parties have to enter into a lengthy and testing re-negotiation process.


At present it is taking the City Council thirty days to turn round property search information and this is having a huge impact on transaction times despite the volume of sales decreasing in the last two years, having this information from day one could mean that the legal conveyance time would reduce by up to a third.


Throughout the house selling process I cannot stress the importance of using a local Solicitor so many chains are being held up and transactions lost by the Online call centre processing teams who you can rarely get hold of and leave a myriad of unreturned phone calls and emails in their wake.


So if we do reach a point were Political Parties are looking for new manifesto ideas this wouldn’t be a bad place to start coupled with a review of George Osborne’s stamp duty changes that have driven down transactions by a third it may encourage more people to consider selling.

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