Buying and selling

The government is introducing changes to the house buying and selling system. The latest is the home information pack. Research has shown the current system is slow, wasteful, inefficient and results in a high rate of failed sales.

The package of all the new measures is intended to:

• ensure that buyers and sellers are better prepared and 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

The home information pack will transfer responsibility for obtaining local searches and a home condition report from the buyer to the seller.

These changes were expected to come into force in 2007. They will be done made through new Regulations. It is possible that the date may change, the start date for other provisions has been pushed back. Home Information Packs are already available from some estate agents and conveyancers on a voluntary basis.

For more information ask trading standards, your estate agents or visit the Communities and Local Government website.