MSE News: Home buying and selling could become 'easier and cheaper' in future under Government plans

MSE_Petar

Plans to make the process of buying or selling your home faster, cheaper and less stressful have been unveiled by the Government today (Monday 6 October). But it's still very early days, and the proposals are yet to be finalised.

Read the full story:
'Home buying and selling could become 'easier and cheaper' in future under Government plans'

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Section62

HIPs version 2.0 ?

mebu60

Section62 said:

HIPs version 2.0 ?

That was my first thought in parallel with it is equally doomed unless 'Caveat venditor' becomes a thing. Why would you trust something produced by the seller and rely on it totally for such a significant purchase? 

user1977

mebu60 said:

Section62 said:

HIPs version 2.0 ?

Why would you trust something produced by the seller and rely on it totally for such a significant purchase? 

Why not? That's been normal practice in Scotland for 17-ish years and seems to work well. It is of course not purely "produced by the seller", e.g. in relation to the survey part of Home Reports, the surveyor undertakes a duty of care to the buyer and their lender.

esubbs

mebu60 said:

 Why would you trust something produced by the seller and rely on it totally for such a significant purchase? 

Surely its the same as relying on the Property Information and Fixtures and Fittings Forms that are produced as part of the Conveyancing process now. And the information from the Searches would be provided in the same way too. Difference being you would be seeing the information at the outset rather than being drip fed down the line.

SiliconChip

mebu60 said:

Section62 said:

HIPs version 2.0 ?

That was my first thought in parallel with it is equally doomed unless 'Caveat venditor' becomes a thing. Why would you trust something produced by the seller and rely on it totally for such a significant purchase? 

There's nothing to prevent a buyer from commissioning their own survey should they not wish to rely on the seller's one (or if they want one at a more detailed level). As user1977 says it's been working well in Scotland for some time now, I had a Home Buyers Report when I sold my last house in Scotland in 2014 before moving back to England, the only real issue was that if the property takes a long time to receive an acceptable offer the HBR will probably need to be refreshed at the seller's expense (generally every 3 months). 

user1977

SiliconChip said:

mebu60 said:

Section62 said:

HIPs version 2.0 ?

That was my first thought in parallel with it is equally doomed unless 'Caveat venditor' becomes a thing. Why would you trust something produced by the seller and rely on it totally for such a significant purchase? 

 he only real issue was that if the property takes a long time to receive an acceptable offer the HBR will probably need to be refreshed at the seller's expense (generally every 3 months). 

It usually only gets refreshed once (when you have a buyer), not every 3 months during marketing.

the_lunatic_is_in_my_head

I wonder how many houses will end up with pointless and expensive damp proof plastering if surveys become mandatory? 

Impetlimpet

I think it's a great idea, but only if it's done properly. Only serious sellers listing their property and relevant information for buyers being available much sooner in the process. 
HIP were a good idea but implemented badly and diluted so much they became worthless for all involved. Hopefully it will mean fewer buyers threatening to pull out at  immediately before exchange as a form of blackmail over something relatively minor causing uncertainty to the whole chain. There's a lot the Scottish buying system has correct, and although not perfect is far ahead of the process in the rest of Britain.

sgthammer

Are Home Reports actually any use though? Any I've seen just take multiple pages to say "Meh, looks alright from the outside but don't quote me".

ReadySteadyPop

mebu60 said:

Section62 said:

HIPs version 2.0 ?

That was my first thought in parallel with it is equally doomed unless 'Caveat venditor' becomes a thing. Why would you trust something produced by the seller and rely on it totally for such a significant purchase? 

Because it is not produced by the seller, it is produced by professionals on the seller`s behalf.