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Measures announced on 10 November will legally oblige vendors to provide a sellers logbook before they can put their homes on the market (The seller’s information pack). Seller’s packs have long been favoured by Deputy Prime Minister John Prescott who wants to speed up the sale of homes in England and Wales, seen as amongst the slowest in Europe. The new measures, included in the Government’s Housing Bill, could come into force by 2005. Essentially, a new law will shift the onus for information gathering from buyer to seller. The packs will have to include details about the property’s structural condition, its title deed, planning permission and local searches. A compulsory ‘home condition report’ to be included in the pack will be similar to a structural survey but less detailed. It is expected that the person marketing the property will be legally responsible for the content of the pack although it is expected that this will be passed over the estate agent instructed by the vendor. The cost involved in preparing the Seller’s Information Packs will be in the region of £600 rising to £1,000 in London, the south east and other property hotspots. Whilst the Consumers Association is reportedly in favour of the introduction of the ‘Packs’ the National Association of Estate Agents has major reservations sighting amongst other things the lack of surveyors to complete the ‘home inspections’ and the fact that some of the information, such as the local searches, could be outdated if the property stays on the market too long. A Liberal Democrat spokesman said red tape and bureaucracy in house purchasing need to be radically reduced. “These packs will make it more expensive to sell a property” |