The Housing Act 2004 has just received Royal Assent. It includes the expected requirement for vendors to provide home information packs.
The aim of home information packs (previously known as sellers' packs) is to speed up conveyancing by ensuring that all relevant information is available to prospective purchasers.
One of the required items for existing homes will be a home condition report. It is envisaged that owners will commission approved surveyors to compile it.
Under the Sustainable and Secure Buildings Act 2004 certain items which, at the moment, only apply to new buildings, may be reviewed when the occupier of a building changes.
SAP ratings, if not already available, may have to be produced for existing buildings when they are sold.
Local authorities will be required to keep a register of information for a set time which, for a fee, will be available for the public to view and obtain copies for inclusion in their home information pack.
NHBC is arguing that properties still under warranty should not need a home condition report.
Critics argue that any survey or search could be out of date by the time of completion so the house seller would have wasted their money. However, the government remains committed to implementing this in 2007, after a trial period.
Estate agents using home information packs will also be required to belong to an approved redress scheme.