Sellers should be persuaded to make use of upfront information packs in the same way Energy Performance Certificates (EPCs) have been adopted, agents claim.
Guests on the latest Agents MVMT Pass the Syrup podcast have discussed how to speed-up transactions and whether home information pack-style information could help.
Adam Horton, chief executive of Hortons, said: “We don’t have trouble getting people to pay with EPCs to make sure they are on their properties.
“It should be the same with upfront information packs.”
Fellow guest Joe Rylett of eXp UK agreed and said the public could be educated about it in the same way they have come to accept EPCs, but said the question was whether the Government would help implement this.
Speaking on the show, Wendy Peterman, owner at Petermans Estate Agents, added that while upfront information may help, more clarity is needed from conveyancers and lenders on what they actually require as even the now-defunct home information packs had missing information.
Communication was also raised as an issue.
Host Ben Madden, of Fine & Country Turnham Green Terrace, said communication is also important, from both agents and conveyancers as well as buyers.
He said he has had conveyancers who only return calls one day a week.
Wendy agreed, revealing she is currently dealing with a case where the conveyancer can only be contacted between 10am and 4pm on a Tuesday and Thursday.
Madden added that he often finds buyers embellish information such as their financial situation.
Watch the full podcast recording below:
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When the person suggesting sellers wont object to paying for "home information pack-style information", you know he wasn't an agent when HIPs were a legal requirement. Bless his cotton socks.
Yes another moron who has never sold a house or been on a valuation
We provide all this at launch - we try and get all this ready -
Property Brochure (including photos, property description, square footage, £ per sq foot, whole plot size, local authority, council tax band and cost, tenure, estate fees, if lease the length, ground rent, maintenance fees and what's included) - supplied by Cooper Adams
Floor plan - supplied by Cooper Adams
Location map - supplied by Cooper Adams
Walk around video - supplied by Cooper Adams
Title Deeds - Office copy entries - Register - Title deeds are the legal documents that record the ownership of a property and any accompanying land with plans. - supplied by Cooper Adams and their partners 'Gazeal'
Title Plans - Office Copy Entries
Our general FAQ sheet about the property including things like rental value, rental yield, year built, distance to shops and park, meters, services, boiler, loft etc - supplied by Cooper Adams
EPC - The energy performance certificate
A report on -[Local sold prices, Title plan, Local mobile & broadband speeds, Planning history, Plot size & floor area, Pounds per square foot, Flood risk, Conservation areas, Local school reports, Leasehold info, Council tax, Energy Performance Certificate, Transport links and Transaction history.] - supplied by Cooper Adams and their partners 'Sprift'.
Any Private estate fees and information ie. most recent invoices and share certificates.
The legal TA6 - Sellers Property Information form - Current Law Society edition - 16 pages of legally binding information on the property. - collated by Cooper Adams and their partners 'Gazeal'
The legal TA7 Leasehold Information form - Current Law Society edition - 10 sections of legally binding information on the lease with all costs, if applicable. We also suggest copies of the following, if applicable, (a) recent correspondence and invoices from the managing agents. (b) Share certificate in the management company. (c) Any consents from the Freeholder to matters such as the installation of double glazing which may well be required under the terms of the Lease. - collated by Cooper Adams and their partners 'Gazeal'
The legal TA10 - Fixtures and contents form - Current Law Society edition - A full list of what is included in the sale.- collated by Cooper Adams and their partners 'Gazeal'
We have a SUPPLEMENTAL ENQUIRIES QUESTIONNAIRE - this form answers most of the questions that come up during enquiries including parts on Conservatories and drainage.
We also look to include lots of other information that will crop up such as:
FENSA window certificates for windows installed after 1 April 2002;
Wall or loft Insulation paperwork;
Gas safe certificates;
Electrical work certificates;
Any building insurance claims and information;
Shared driveway or private road contributions;
Warranties, guarantees or receipts for any fixtures fittings or works done on the property, including kitchens and bathrooms;
Details on any extra land included;
Details on works done if a Listed building;
Boiler or heating documents or servicing records;
Solar panel / battery documents with proof of ownership and feed-in tariffs;
Info on extensions and conservatories with planning and building regulation info or council documents to say not needed, and as much info as possible;
Conservatory information - we have a form in our SUPPLEMENTAL ENQUIRIES QUESTIONNAIRE
Non-mains drainage and Septic tank documents including servicing;
NHBC or new build paperwork if under 10 years old;
Burglar alarm documents and service history
If Leasehold: (a) Any recent correspondence and invoices from the managing agents. (b) Share certificate in the management company. (c) Any consents from the Freeholder to matters such as the installation of double glazing which may well be required under the terms of the Lease.
Swimming pool and heating apparatus service history
We are also looking at other enquiries that are raised by a buyer's solicitor and add these documents to our lists. On our Cooper Adams blog under upfront-property-information
I was an agent when Home Information Packs (HIPs) were mandatory, prior to marketing. Generally, they were brilliant and sellers were happy to pay upfront, in the hope that once a buyer was found, the sale would progress far quicker. The problem was greedy estate agents, buying in the packs for say, £200 and selling them on the their vendors, for £400, pocketing £200, for a referral! The EPC formed part of the HIP. When a buyer was found, the conveyancers took the view that as they hadn't put the information together, so it all need checking. Sellers were furious at now having to pay twice. If the system was sorted, the industry would trust the legal pack and transactions would progress, faster, minimising fall throughs. Afterall, agents only get paid on sales.
HIPS had so much missing, including answers to predicted enquiries. Also, sols prefer fresh searches.
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