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Not so fast!

Posted by: katalysis

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When it comes to putting their property on the market would be Sellers quite understandably have an expectation that their Estate Agent will start marketing from day one. No sooner is the ink dry on the agency agreement than a For Sale board has been ordered and plans made to get the advertising sorted out. Well that’s all about to change. Thanks to yet more government red tape the process of getting a property to market is going to take quite a bit longer (may be up to a couple of weeks). First up is the imaginatively named “Cancellation of Contracts made in a Consumer’s Home or Place of Work etc Regulations 2008.” These were meant to be aimed at high pressure doorstep selling of things like utilities but are wide enough to catch estate agency and other contracts for services that are signed in the Consumer’s home. The regulations prescribe a seven-day “Cooling Off” period. The Seller’s cancellation rights must be set out in a prescribed form of notice. Failure to comply renders the agreement unenforceable which could cost agents two or three thousand pounds on a typical sale so they would be unwise to take the risk! Then we have the changes to HIPs which come into effect at the beginning of April which mean that more documents must be included in the HIP before Sellers can market their property.
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