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

ReadySteadyPop

Impetlimpet said:

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.

The main reason people pull out is financial, there is one good way to fix that.

user1977

sgthammer said:

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".

So much the same as any other survey then? The difference is that they're available upfront, along with the valuation which your lender will (probably) be using, so you can read through that before deciding whether to even view the property. Whereas the English practice seems to be to wait weeks/months into the transaction before anybody knows the survey results or mortgage valuation.

Section62

ReadySteadyPop said:

Impetlimpet said:

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.

The main reason people pull out is financial, there is one good way to fix that.

Yes, but requiring buyers to have full funding in place and provide proof of funds to the vendor before even viewing is unlikely to make it any easier for people wanting to get on (or move up) the housing ladder to buy a property.

SiliconChip

user1977 said:

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.

Yes, I suppose what I should have said is that if a potential buyer comes along more than 3 months after the date of the first or refreshed HBR then a(nother) refresh will be required. In my case although it took 9 months to get a buyer there was no interest after the first couple of months so the only refresh needed was when the eventual buyers came along.

poseidon1

user1977 said:

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.

Can only hope that during the consultation period, the powers that be liase significantly with the Scots with a view towards 'cherry picking' the best they have to offer from their system - no point reinventing the wheel.

Scottish system was introduced in 2008 , so the following observations 10 years later would be worth taking on board

https://cairnestateagency.com/10-years-of-home-reports-in-scotland/

Finally cost to the seller likely to be a sticking point. One would hope  the system would discourage unmotivated time wasting sellers who put prospective buyers to unnecessary costs. However the relatively lower average cost of such reports  in Scotland as inferred in the article below, maybe difficult ( impossible?) to match in a much more disparate English Market -

https://www.alliedsurveyorsscotland.com/news-insights-article/2022/04/26/how-much-is-a-home-report-in-scotland/

youth_leader

I am in England and did have a L3 RCIS survey on my grade II property before I went on the market - it showed me the work that needed doing, and encouraged me to sell as I didn't have the funds.  It was a very large house and I gave the survey to the EA to help them with any questions about the damp etc during a viewing.  Unfortunately, without my permission, they gave a copy to all viewers, all 21 pages of it.  After 16 or more 'too much work' comments I asked them what were the most common questions and they admitted to giving out the survey.  I asked them to destroy it and said I'd be very happy to share extracts if necessary. After 18 months and chancers offering peanuts I went to auction - where I still had to sell for peanuts.  

 I drove past our magnificent old pile the other day - still looks derelict and the original glass in the front door is broken now, he's put plastic on it.  Will be baltic in the hallway when the winds come.  So much for me worrying I'd be asked to leave if I allowed it to deteriorate.