Latest Mortgage News

Welcome Its  We hope that you find our website useful....

February 2005

Home Buyers Packs

Moving home has traditionally been stressful for the seller and the buyer. The main problem is that buyers and sellers do not have access to key information when making their initial decisions and often have to negotiate without facts that only become available later in the process.

The Government is committed to making it easier for people buying and selling homes in England and Wales through the introduction of the Home Information Pack.

What can a Home Information Pack do for You?
The Home Information Pack collates all the essential information in advance.

Sellers getting the best price for the property without any re-negotiation
Buyers making an informed decision prior to making an offer

What is in it for the seller?
The home information pack will become a legal requirement for any seller and the pack must made available to the prospective buyer by law. In addition all the important information will be in one place contained within the pack which will aid in selling the property more quickly.

How does it benefit the buyer?
The pack will give the prospective buyer more information about the property than relying on the valuation report or home buyers report alone and the buyer will be in a stronger position to negotiate a better price for the property.

What will the cost be for a Home Information Pack?
It is expected the cost of the pack will be around £500 to £1000 including the cost of inspections and the energy efficiency assessment, these costs must be met by the seller..

A Home Information Pack contains:
Home Condition Report
Legal Pack
Property Information Form
Fixtures and Fittings List
Legal Summary
Sample Contract (optional)
Terms of sale;
Evidence of Title
Replies to standard preliminary enquiries made on behalf of buyers;
Copies of any planning, listed building and building regulations consents and approvals;
For new properties, copies of warranties and guarantees;
Any guarantees for work carried out on the property;
Replies to local searches
A home condition report based on a professional survey of the property, including an energy efficiency assessment.

Additionally for Leasehold Property:
Memorandum and Articles of Association for Management Company
Building Insurance Schedule and payment receipts
Copy of Management Company Accounts
Copy Planning Consents and Building Regulations
Receipt for Rent and Service Charge and receipts
A copy of the lease

The Home Information Pack is intended to:
Ensure that buyers and sellers have as much information as possible from the start.
Secure faster mortgage offers and search replies.
Reduce delays and uncertainties.
Help address a number of problems caused by delays, including gazumping and problems in chains

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

How are we paid? click here

To obtain a mortgage quotation  click here

The news on this website is provided by Bob Riach of Riach Independent Financial Advisers