Jump to content
House Price Crash Forum
Sign in to follow this  
jpidding

Question..will Sellers Packs Be Required For Houses

Recommended Posts

......and can you buy a house on the strength of this report without getting your own survey done?

The reason I ask is that I am becoming increasingly convinced that the place to buy will be auctions during the downturn. We are seeing numbers of repos going up fast and this will swamp the market.

The probelm with auctions is that you have to get a survey done before you bid. You can easily spend a grand and then the place goes for much higher than you are prepared to pay. This could easily happen to you 10-20 times before you buy.

Would be really cool if the sellers pack was legally binding enough to mean that you could get someone in the know to look it over and then bid with confidence.

James.

Share this post


Link to post
Share on other sites

......and can you buy a house on the strength of this report without getting your own survey done?

The reason I ask is that I am becoming increasingly convinced that the place to buy will be auctions during the downturn. We are seeing numbers of repos going up fast and this will swamp the market.

The probelm with auctions is that you have to get a survey done before you bid. You can easily spend a grand and then the place goes for much higher than you are prepared to pay. This could easily happen to you 10-20 times before you buy.

Would be really cool if the sellers pack was legally binding enough to mean that you could get someone in the know to look it over and then bid with confidence.

James.

For packs to be useful requires a big change in the law. Currently I can sue my surveyor for inaccuracies because I paid him directly for the work he did. If I purchase a survey off a previous buyer who pulled out (and people are known to do this) you can't sue because you didn't employ him directly.

Unless the law changes so that the purchaser has backup for factual inaccuracies within the pack they are going to be as much use as a chocolate teapot (but I think everyone has been saying that for years and it has stopped mr Prescott).

Edited by eek

Share this post


Link to post
Share on other sites

......and can you buy a house on the strength of this report without getting your own survey done?

The reason I ask is that I am becoming increasingly convinced that the place to buy will be auctions during the downturn. We are seeing numbers of repos going up fast and this will swamp the market.

The probelm with auctions is that you have to get a survey done before you bid. You can easily spend a grand and then the place goes for much higher than you are prepared to pay. This could easily happen to you 10-20 times before you buy.

Would be really cool if the sellers pack was legally binding enough to mean that you could get someone in the know to look it over and then bid with confidence.

James.

Be aware that there are legal packs covering details on individual properties availabe at auction, these provide invaluable information. In some respects the HIPS (seller packs) have been supplied by auctioneers for some time.

Conveyancing should be cheaper as a consequence of most of thse details being already available.

rest of the article here

http://firstrung.co.uk/articles.asp?pageid=NEWS&cat=32

Share this post


Link to post
Share on other sites

......and can you buy a house on the strength of this report without getting your own survey done?

The reason I ask is that I am becoming increasingly convinced that the place to buy will be auctions during the downturn. We are seeing numbers of repos going up fast and this will swamp the market.

The probelm with auctions is that you have to get a survey done before you bid. You can easily spend a grand and then the place goes for much higher than you are prepared to pay. This could easily happen to you 10-20 times before you buy.

Would be really cool if the sellers pack was legally binding enough to mean that you could get someone in the know to look it over and then bid with confidence.

James.

1.Yes, all properties being offered for sale will have to have a sellers pack - and I suspect there will be a flood of dodgy properties being offered at auction prior to these packs becoming law!

2. Most of the people buying at auction don't need a survey as they do their own. I wouldn't dream of spending a K on a survey because I'd almost certainly be liable to overbid if I'd already shelled out. If I was really stuck I'd get a very experienced jobbing builder to take a quick peek at it for £70 quid (and for that he'd even tell you how much it'd be to put right - not something your surveyor will).

3. The government has to survey all UK homes to discover their insulation requirements. This is an EU law - The sellers packs are now to do it for them. Neat trick! :lol:

4. I think the surveys should pick up most problems and I'd tend to trust them but, lets face it, anyone with a bit of experience can do their own on most properties.

Edited by ILBB

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.