Twitter Facebook RSS FEEDS

Home buyers have a lot to learn

Tuesday, 12 December 2006 12:00 AM

Most homeowners do not know the basics of what they are paying for when it comes to buying properties, a new survey reveals.

Over 50 per cent of people did not know what they were paying for in a local property search and one in five people thought an estate agent would carry out conveyancing.

Over a third of people (37 per cent) were still unaware of what Home Information Packs (HIPS) were, which are set to become mandatory next year, and many people were confused as to who would pay for them - 15 per cent believing estate agents would foot the bill and 29 per cent believing buyers would pay for them.

"It is quite concerning that the general public do not seem to have an understanding of these issues," commented Alex Fraser, chief executive of the Council for National Land Information Service (C-NLIS), who commissioned the survey.

"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."

C-NLIS' basic facts for home buyers and sellers

  • What is in a local search and who does it?

A conveyancer carries out a local search using the most up to date local authority information, and once completed it is only considered valid for conveyance purposes for three months.

"Items which can be found on a full search response include, close proximity to public right of way, planned road humps, sewer works and nearby resident parking controls," explained the C-NLIS.

  • What is a Home Information Pack (HIP) and who pays for it?

C-NLIS explains the seller pays for the HIP, which contains "an Energy Performance Certificate (EPC), a summary of sale, along with local authority, drainage and water searches, together with evidence of title".

Related stories

Home buyers frustrated by gazanging, where sellers get cold feet and decide to stay put, says study by In-Deed. Image: Thinkstock

Home buying: have you been gazanged?

More home sales falling through when seller gets cold feet and decides to stay put, says new study.

Brits have grand designs on their own homes

Brits have grand designs on their own homes

Are TV property programmes turning us into a nation of show home owners?
Falling prices and high moving costs leave people who bought their first home in 2007 £11,000 short of being able to move. Image: Thinkstock

Would-be second-time buyers trapped in their homes

Falling prices and high moving costs leave people who bought their first home in 2007 £11,000 short of being able to move, says HSBC

 Cottage on Knoydart peninsula in the West Highlands boast breathtaking views but owner warns buyers that life can be hard. Image: Thinkstock

Remotest home in Britain goes up for sale

Cottage on Knoydart peninsula in the West Highlands boast breathtaking views but owner warns buyers that life can be hard.

Block of flats in London

Millions of tenants have problem landlords

More than 7.5 million people have had issues with their landlords in the last ten years, according to a new study.

 City of London

London second-most valuable place to have property

The English capital was also named the most expensive rental city in the world, with yields for landlords increasing 13 per cent.
In the market as a whole, the number of house hunters registering at estate agent branches fell slightly in October.

Home sales slump hits first-time buyers

Estate agents say mortgage and deposit problems behind fall in sales to lowest level since 2008.

 Row of colourful terraced houses

Most expect to be 35 before owning a home

Research has revealed the steady increase since the 1960s in the age people expect to be when they buy their first home.
Mortgage loan agreement contract with house keys

Number of first-time buyers increases

Over 18,000 first-time buyers secured mortgages in June – nearly a third more than in May.

 France is now top destination for Brit buyers thanks to ease of access and perception of stability, says new survey. Image: Thinkstock

Second home buyers look across the Channel

France is now top destination for Brit buyers thanks to ease of access and perception of stability, says new survey.

Search property

Headlines

Directory

Alaris

Alaris Logo
Alaris specialise in quality Bathrooms and Kitchens along with many other unique products for your home. The range of kitchens, kitchen worktops and bathrooms is extensive and the highest quality so you are sure to find what you want. New bathroom furniture, bathroom suites, taps, showers and cabinets are added regularly.

Bathrooms365

Bathrooms365 Logo
Bathroom365 supply all areas of your new bathroom - leading-edge designed bathroom suites, stylish bathroom taps and showers, all styles and forms of shower enclosures and a vast collection of bathroom furniture.

Beds Direct

Beds Direct Logo
Whether you've just moved into a property and need to furnish it or just fancy having something new to sleep on, Beds Direct offer you a wide array of beds to order online or via the telephone.

Fitmykitchen

Fitmykitchen Logo
Fitmykitchen are specialist suppliers of kitchen appliances, sink taps, waste bins and furniture. So whatever you want from kitchen sink taps to waste bins look no further than fitmykitchen, UK, the specialist suppliers of kitchen appliances, stainless steel sink taps, waste bins and kitchen furniture.

MyStampDuty

MyStampDuty Logo
We help people buying property all over the UK to minimise Stamp Duty Land Tax on residential and commercial property. If you are looking at purchasing a new home or business premises over £500,000, contact us today by completing the form on the right

Oak Furniture Land

Oak Furniture Land Logo
For hardwood furniture, including Solid Oak, Mango, Mahogany, Sheesham, Acacia, Ash and Birch, look no further than Oak Furniture Land.

Propertywide

Propertywide Logo
Propertywide.co.uk is Countrywide plc's dedicated property website. Created to provide online access to all our estate agency, lettings and property related services, Propertywide.co.uk has been designed with the consumer at heart.

The 21st Century Radiator Company

The 21st Century Radiator Company Logo
Welcome to 21st Century Radiator Company. We supply a stunning range of traditional reproduction high quality cast-iron radiators and cast-iron baths. All our cast-iron radiators and cast-iron baths are brand new, fully tested and guaranteed for ten years.

Rated People

Rated People Logo
Whatever type of home improvement or garden remodelling project you have, Rated People can help you to identify the right tradesmen for the job in a way that is quick, easy, convenient and, as it is based on real-life recommendations, trustworthy.

Residential Land

Residential Land Logo
If you are looking for short or long term rentals in Central London, Residential Land have a portfolio of over 1200 flats and houses in the best postcodes across the Capital.

Simply Bedrooms

Simply Bedrooms Logo
Simply Bedrooms, a part of Sleepwell Bedrooms Ltd, supplying quality beds, wardrobes, sliding door wardrobes and bedroom furniture at low prices and great service, London and Home Counties Specialists.

Door Handles UK

Door Handles UK Logo
Door Handles UK is the UK's largest online range of Door Handle accessories, Door Hinges, Locks and Latches and so much more and all at genuine internet prices. We have a wide range of Chrome, Brass and Glass Crystal Mortice door knobs in both traditional and contemporary designs, whatever your taste and budget you will find a design to suit.

Woodlands Furniture

Woodlands Furniture Logo
We are an established family business situated in rural Herefordshire specialising in beautiful handcrafted classic reproduction furniture. Our comprehensive ranges are readily available from stock.

Join our directory aboutproperty.co.uk

Twitter

Join the conversation at #aboutproperty

Directory articles

Why increasing amounts of people are opting for house shares

London is an expensive place to live, however, house shares offer you the opportunity to enjoy the hustle and bustle of the capital for a fraction of the price you would pay to live on your own, making them a cost-effective way forward.

Why sliding door wardrobes are the best choice for small spaces

When bedroom space is at a premium, you need to be creative with the furniture you invest in. In terms of the wardrobe, you may want to consider those with sliding doors, as they are the most practical in small bedrooms thanks to the doors.

The durability of mahogany furniture is ideal for the office

For office-based businesses it is vital to invest in high-quality furniture that is both practical and comfortable to use. While there are many products to choose from, the benefits on hand with items made from mahogany mean it is an option you should be certain to consider.