Comments on: Proposal for Reform to the Home Selling & Buying Process http://www.hip-consultant.co.uk/blog/proposal-for-reform-to-the-home-selling-and-buying-process-123/ Fri, 30 Jul 2010 10:34:45 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: David Pett http://www.hip-consultant.co.uk/blog/proposal-for-reform-to-the-home-selling-and-buying-process-123/comment-page-1/#comment-10716 David Pett Fri, 15 Jan 2010 12:19:08 +0000 http://www.hip-consultant.co.uk/blog/?p=1899#comment-10716 I am looking at adding to the draft proposal the following that I hope will address this aspect: ‘It is recognised that a property with leasehold tenure can present a far larger challenge when it comes to front loading information and documentation in readiness for early exchange of contracts. In fact there are several major issues with these properties relating to the access and pricing of data held by third parties, such as managing agents. Apart from acknowledging there is clearly a need for these issues to be considered and addressed through reform, the actual detail and ideas for reform, are in our view probably best left to those who are better placed to produce their own white paper. This should not however be viewed a devaluing factor as the proposal contained in this document is wholly consistent with the aim of the leasehold reformists in the sense it is based on the premise of early delivery of those items of information and documents that in the opinion of the Advisor will be required by a buyer to proceed to an early exchange of contracts. This would in the case of leasehold titles place an obligation on the seller to ensure full information and documentation from, say a managing agent, is sought at a stage earlier than the current HIP regulations require. It is hoped that the proposal if adopted would lead to the introduction of national protocols to ensure consistency. It will also help to highlight, and perhaps with pressure from industry, favourably address the problems that exist with the wide range of unregulated charges levied by third parties for the delivery of the data’. I am looking at adding to the draft proposal the following that I hope will address this aspect:

‘It is recognised that a property with leasehold tenure can present a far larger challenge when it comes to front loading information and documentation in readiness for early exchange of contracts. In fact there are several major issues with these properties relating to the access and pricing of data held by third parties, such as managing agents. Apart from acknowledging there is clearly a need for these issues to be considered and addressed through reform, the actual detail and ideas for reform, are in our view probably best left to those who are better placed to produce their own white paper.

This should not however be viewed a devaluing factor as the proposal contained in this document is wholly consistent with the aim of the leasehold reformists in the sense it is based on the premise of early delivery of those items of information and documents that in the opinion of the Advisor will be required by a buyer to proceed to an early exchange of contracts. This would in the case of leasehold titles place an obligation on the seller to ensure full information and documentation from, say a managing agent, is sought at a stage earlier than the current HIP regulations require. It is hoped that the proposal if adopted would lead to the introduction of national protocols to ensure consistency. It will also help to highlight, and perhaps with pressure from industry, favourably address the problems that exist with the wide range of unregulated charges levied by third parties for the delivery of the data’.

]]> By: Sharon http://www.hip-consultant.co.uk/blog/proposal-for-reform-to-the-home-selling-and-buying-process-123/comment-page-1/#comment-10333 Sharon Tue, 05 Jan 2010 16:24:28 +0000 http://www.hip-consultant.co.uk/blog/?p=1899#comment-10333 sorry, that should read I doubt that many people are aware of the leasehold PIQ', not unaware! sorry, that should read I doubt that many people are aware of the leasehold PIQ’, not unaware!

]]> By: Sharon http://www.hip-consultant.co.uk/blog/proposal-for-reform-to-the-home-selling-and-buying-process-123/comment-page-1/#comment-10332 Sharon Tue, 05 Jan 2010 16:22:57 +0000 http://www.hip-consultant.co.uk/blog/?p=1899#comment-10332 How is all this going to help purchasers of leasehold property? Leasehold has always been more problematic than that of freehold because of the copious amount of information that surrounds it. I doubt that many people are unaware of the leasehold PIQ let alone the voluntary information that sellers could supply if they wished to under the HIPs Regulations. The issue of managing agents supplying leasehold information was never (to my knowledge) adequately addressed and even though the HIP went some way in bringing leasehold information to the fore, the PIQ was somewhat limited in what it asked the seller to compulsorily provide. I have the awful feeling that leasehold is not going to benefit from the proposed changes but if anyone can tell me differently that would be great. How is all this going to help purchasers of leasehold property? Leasehold has always been more problematic than that of freehold because of the copious amount of information that surrounds it. I doubt that many people are unaware of the leasehold PIQ let alone the voluntary information that sellers could supply if they wished to under the HIPs Regulations. The issue of managing agents supplying leasehold information was never (to my knowledge) adequately addressed and even though the HIP went some way in bringing leasehold information to the fore, the PIQ was somewhat limited in what it asked the seller to compulsorily provide.

I have the awful feeling that leasehold is not going to benefit from the proposed changes but if anyone can tell me differently that would be great.

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