So yet again we find ourselves in the middle of a squabble between the political elite in the lead up to the General Election when they all attempt to outbid each other in order to attract our votes.
What has to be done before I sell my property? Make sure the property is in a presentable condition and in good decorative order, reasonably tidy and uncluttered, before you agree to any viewings by potential buyers. Appoint your Property Lawyer so that the HIP can be prepared and the agents terms of business approved The law presently requires that every residential property must have a “Home Information Pack” (“HIP”) commissioned, i.e. requested, on or before the “first date of marketing” by the agent or the seller. A HIP contains certain specified information and documents which is considered to be of interest to a potential buyer. The “Required” documents are:-
Must I consult a property lawyer before instructing an estate agent? Most definitely, Yes, especially as you are selling a property.
What must I look for in an Estate Agent? Do they have a website? Is it easy to navigate Are they members of a recognised professional body, i.e. National Association of Estate Agents? It should be noted that estate agents are not legally required to have any formal qualifications to be or practice as an estate agent. Are they members of the relevant Ombudsman Scheme? Do they give a professional and businesslike image? Do they have Professional Indemnity Insurance, should they make a serious error or if they are negligent? How long has the firm/company been in business? What areas or districts does the firm/company cover? Are they local or have wider or national coverage. What methods of communication do they use, i.e. telephone, e-mail, text messaging, fax, post. What are their terms of business? What do they do for
Consumers are warned that Estate Agents may use the Home Information Packs (HIPs) legislation to tie-in hundreds of thousands of property sellers thereby creating a situation comparable to the sole agency agreement critisized by many industry professionals.
Before I consider the question, I think it is important that we understand exactly why the Government wanted to bring in reforms to the property market and, in order to do this, we must travel back in time – nearly 10 years – when the property market was very buoyant and some unscrupulous sellers were increasing the prices of their properties just before exchange of contracts (gazumping). It was considered that doing something about this practice may make the government of the day popular, however, it was soon discovered that gazumping was only affecting 2% or less of the market. This clearly resulted in a re-think and it was suggested that, because a number of properties fall through just prior to exchange, there were considerable abortive fees incurred, payable to the lawyers and, therefore, that something had to be done
Afternoon. I have had a hectic day spent mostly discussing with banks and clients as to the effect of the Home Information Pack, Northern Rock and the credit crunch on the property market.I have explained to them that in fact the information being provided in the media is unhelpful and misleading since it takes no account of the facts.The imposition of HIPs onto sellers has undoubtedly created an unwillingness by UK property owners to put their houses on the market speculatively in the hope of being able to purchase another property. The reality regarding the fall in property prices is again designed to worry potential sellers since the increase in value they have never received and the consequent reduction in it’s perceived value will have also affected the property that they may be proposing to purchase.The reality regarding the mortgage