Prospective house buyers 'must learn the basics of building'

Posted: 13 Dec 2006 10:48:23 GMT

Many would-be house buyers and home owners have little idea what they pay for when they buy a property, a new poll has revealed

Many would-be house buyers and home owners have little idea what they pay for when they buy a property, a new poll has revealed.

The study for the Council for National Land Information Service (C-NLIS) found that over half of people have no idea what a local property search reveals about the property that they want to buy.

Seventy three per cent of people do know that a local search provides information about rights of way, but less than half of people realise that it also gives details of planned road humps, sewerage works and parking controls.

It is actually a conveyancer who carries out local searches using the most current local authority information, the information is valid for just three months.

Over a third of survey respondents were unclear what the new Home Information Packs (HIPS) are for, despite the fact that these become mandatory in less than six months.

Still less people are sure who will have to pay for HIPS, with 15 per cent of people under the impression that estate agents will foot the bill rather than the seller.

The new packs will contain an Energy Performance Certificate, summary of sale and local authority, drainage and water searches, as well as evidence of title.

The chief executive of C-NLIS Alex Fraser said: "It is quite concerning that the general public do not seem to have an understanding of these issues.

"Buying a house and signing up to a mortgage is possibly the largest financial commitment we make in our lives and yet the sheer number of people who do not fully understand the basic terms and processes is very worrying," he added.


© Houseladder Ltd


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