The Mortgage Advice Bureau has warned that home information packs, which are due to become compulsory in January 2007, could increase house valuation costs, as it will mean that both buyer and seller will be paying for a valuation if lenders refuse to accept the validation of the packs.
Chartered surveyors and estate agents are to receive training to become home inspectors and carry out home condition reports on behalf of sellers, but providers believe that these will just a reasonable assessment of the property, not a proper valuation.
Our view
We made similar statements last year as there is a major problem if the surveys are out of date or if one solicitor does not accept the validity of anothers searches. We believe, these packs, whilst they may speed up certain procedures in the conveyancing market, they may double basic administration fees.
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