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Hinton Newport has completed the EPC on Alexandra House due to recent sub-letting. The hotel incorporates approximately 10,000 square metres with accommodation comprising over 160 bedrooms and 30 conference rooms with associated facilities.

EPC
Alexandra House Energy EPC

 

LOCAL AUTHORITY EPCS

Hinton Newport have been advising and undertaking residential and commercial EPCs and DECs (Display Energy Certificates) for Local Authorities and Housing Associations in the locality. Display Energy Certificates are able to provide exact energy usage in terms of electricity, gas and other services used in terms of kilowatt hours, and provide advice with regard to cost savings.

Earlier in 2009 Hinton Newport advised three Housing Associations on energy use through the use of Energy Display Certificates to highlight the inefficient gas usage in terms of air conditioning design.

Hinton Newport have also been instructed to provide a five year maintenance appraisal for a major Local Authority which involves undertaking a structural survey, providing costings for works with a view to providing specifications, obtaining builders estimates for more immediate works.

 

STRUCTURAL SURVEYS/HOMEBUYER SURVEYS

Hinton Newport have provided clients in the past year with added value surveys to include planning advice, structural alteration advice, and costings for building works, which puts them ahead of a number of private individuals and commercial companies who are merely able to report on the general condition and valuation of the property. In addition Hinton Newport are available to advise on future development and valuations of a property due to their market experience and association with Allied Surveyors.

 

SCHEDULE OF DILAPIDATIONS AND PARTY WALLS

Hinton Newport have been advising a number of clients with dilapidations; including a landlord in Commercial Road, Swindon with regard to a tenant who has failed to carry out remedial works following vacation of the property with a 25 year full repairing lease. Hinton Newport have been able to provide a Section 18 Valuation and cost the works within the Schedule to provide a formal dilapidation claim with the surveying fees incorporated within the claim.

A number of party wall and legal report issues have been resolved, particularly in expert witness work with regard to building, boundary disputes and party wall issues throughout the year.

 

RICS DELAY LAUNCHING NEW HOMEBUYER SERVICE REPORT TO MARCH 2010

The RICS delayed launching the new Homebuyer Report (HBR) on from the 1st January 2010 to March 2010 because all surveyors have not yet received training.

The new survey report provides a new clear colour coded layout linking the condition of elements of a property to three condition ratings, 1 that no repair is required, 2 defects that need repair and are not urgent, and 3 where defects are serious or a safety hazard.

The condition rating 3 does not have a specific definition in terms of cost although anything relating to a safety hazard will be classified as condition rating 3.

Estate agents should note that Surveyors will be asked to provide a condition rating of 3 to all properties that do not have current electrical tests or a gas safety check on the central heating system and gas supply. Estate agents will be advised as from 1st March 2010 to obtain these certificates as soon as possible, particularly as Surveyors undertaking the new Homebuyers report will ask for these to be provided under condition rating 3.

The report is similar to the Scottish Home Condition Report which is now mandatory with each sale. It is hoped that the report will provide a more detailed and in depth report for the consumer.

The new report will still provide a valuation and building insurance reinstatement cost of the property. The report will also be more internet friendly and will be e-mailed in a secure PDF format.

For further information please contact property@hinton-newport.co.uk - Hinton Newport/Allied Surveyors at 121 Commercial Road, Swindon, SN1 5PL.Tel 01793 534121

Posted 28/01/10

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Increased Activity in the Commercial Property Market

Rupert Williams of Hinton Newport believes that there are signs of increased activity in the commercial property market. The firm has seen a number of deals complete recently, including the sale of 31 Havelock Street which had been occupied by Peter Gilbert Cameras for over 40 years. The property was marketed at an asking price of £250,000, and the purchaser acquired the premises to enable the expansion of his retail business which is situated elsewhere in the town.

Two leasehold transactions have also completed; 25 Commercial Road was let on behalf of private client to Cliff Hogan, who is opening a branch of Carnoisseur in the town. Carnoisseur is a car leasing and finance business, and the Swindon premises will begin trading in August. 75 Cricklade Road, a substantial retail unit of circa 3,000 square feet, was let to Premier Surplus, which previously traded from smaller premises nearby. Rupert said that this deal was particularly satisfying, as the property went “under offer” in less than a week of it coming to the market.

New instructions continue to be received by Hinton Newport, including the marketing of a leasehold restaurant in the town centre, and a trade counter unit of circa 1,500 square feet at Central Trading Estate. Rupert considers that the worst of the recession is now behind us, and believes that the demand for commercial property will steadily increase throughout the remainder of the year. There are an encouraging number of enquiries from applicants seeking premises, and the firm will happily give advice to prospective clients on a no-obligation basis. Please contact Rupert for further information on 01793 534121.

Posted 22/07/09

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Energy Certificates to be linked to Business Rates

Many Landlords and Agents consider an Energy Performance Certificate to be merely a box-ticking exercise in E.U. bureaucracy. Within the next 2 years, however, the Government intends to link EPCs with rateable value. Larger commercial properties will also require a Display Energy Certificate (DEC), which measures the energy consumption in relation to the floor area of a building.

Hinton Newport, acting on behalf of Allied Surveyors, has recently provided a Display Energy Certificate for Orbit Housing Association in respect of a 2,700 square metre office building in Coventry. It was discovered that the amount of energy used by the air conditioning system was far greater than would normally be expected in a modern building. This factor allowed the organisation to introduce changes in the way the air conditioning system was used, which provided a potentially substantial saving in their energy charges.

Hinton Newport are able to provide Energy Assessments for buildings, and are currently offering clients free DEC assessment advice as part of this service. This requires that the relevant power consumption information is available. This service is particularly useful for property owners intending to market their properties in the near future.

Furthermore, the assessment of a building’s energy consumption highlights potential cost savings which can be incorporated in any proposed refurbishment or fitting out works being undertaken.

Care should be taken when instructing an Energy Assessor. A number of the Assessors who are currently active are inexperienced in the commercial property market and there are doubts as to whether they will still be working in this field when EPCs and DECs are linked to rateable value in 2 years time. An agent may be liable for the cost incurred in having an EPC recalculated if it is found that the original was incorrect. A number of the EPC providers who have recently entered the market place are relying on unqualified Data Gatherers to inspect the property on their behalf. This has resulted in many inaccuracies incorporated in EPC assessments which can adversely affect the value and saleability of a property.

Buildings with a higher rating will clearly indicate that energy costs will be lower and will be less harmful to the environment. This could result in more efficient buildings attracting greater interest in the market place leading to higher values and shorter void periods.

Improvements can be made in the running costs of a property by implementing the recommendations of an Energy Assessor; many of these changes are comparatively inexpensive.

The specific regulations relating to commercial EPCs are set out in the Energy Performance of Building Regulations 2007, and there have been 4 further documents produced by the Communities and Local Government Department regarding the legislation. Over the next few months, Trading Standards Officers intend to implement the requirements with more vigour and will be visiting an increasing number of commercial property agents.

Should you require any assistance with regard to an Energy Assessment of a property, including the provision of an EPC or a DEC, please contact property@hinton-newport.co.uk or telephone Hinton Newport on Swindon (01793) 534121.

Posted 12/03/09

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Energy Performance Certificates (EPC's) required on all Commercial Properties previously marketed by 1st January 2009

The legislation is now fully active, although there does remain much confusion within the property industry, particularly concerning timing, when an EPC is/is not required and how much they cost.

As from 1 January 2009 all commercial properties which are marketed will legally have to have an EPC provided and available with the marketing documentation and particulars.

A number of property owners may waste money obtaining inappropriate commercial EPCs if they do not take professional advice before commissioning an EPC.

Quite often a Chartered Surveyor can advise on the terms of the lease and also whether an EPC can be tailored to their specific usage and not wasting money on carrying out unnecessary improvements.

The property owner and their representative should speak directly to a Chartered Surveyor Expert before they instruct. In some cases you may not need an EPC. I have estimated within the last month that approximately 15% of clients did not need a commercial EPC. The commercial EPC has been preceded by the relatively simple domestic EPC and the market suppliers of commercial EPCs are in danger of trying to commoditise the product and treating it as a domestic EPC. Suppliers who are effectively panels, similar to the domestic market, are emerging where it is hard to speak to a knowledgeable professional. Domestic EPCs cost around £70 whereas commercial EPCs cost between £350 and £3,000 and take a minimum of half a day for a simple shop to about 5 days for a large office block.

Within the next 2 years the Government also intends to bring in Display Energy Certificates (DECs) for commercial properties, presently they are only required on Government buildings over 1,000 square metres. It is anticipated that DECs will be required on larger commercial properties. The difference between a DEC and an EPC is that the DEC provides an assessment in the form of a bar chart of the actual energy consumption in relation to the building size, whereas the EPC provides the energy carbon footprint of the building. The cost of a DEC is likely to be substantially less than an EPC and may be available as an add on to the EPC. The law requires that a commercial EPC must be provided by “the relevant person” at the earliest opportunity and in any event before entering into a Contract to sell or rent a building. The relevant person is either “the seller” when the building is being sold, or “the prospective landlord” when a building is being rented out. If an EPC is not provided then the relevant person is liable to a fine which is calculated at 12½% of the rateable value and between a minimum of £500 and a maximum of £5,000. The EPC is valid for 10 years unless the building is substantially altered.

The reason for EPCs is greenhouse gas caused by human activities, predominantly carbon dioxide, is 25% higher than during pre-industrial times. The effect of this is known as global warming/climate change. The Government is committed to the Kyoto protocol and this is where EPCs come in.

Should you require any assistance on providing an EPC or a DEC on your property please contact property@hinton-newport.co.uk or telephone Hinton Newport on Swindon (01793) 534121.

Posted 1/12/08

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Energy Performance Certificates required by the 1st October

On the 1st October 2008, it will become a legal requirement to provide a commercial Energy Performance Certificate (EPC) with the sales particulars for any commercial property that is being marketed for sale, or to let, in England and Wales, including property on the market at present.

The commercial EPC looks similar to the “Fridge” style EPC that is used in house sales and will rate the energy efficiency of the building by applying zoning methods to calculate the energy efficiency and estimating how much carbon dioxide escapes into the atmosphere. It will give each property (or part of a property) a rating from A to G.

Unlike the EPC software used for residential property, the commercial EPC software makes clear assumptions, so the commercial Energy Assessor has to collect much more data and comment on the fabric of the building and the services in much more detail. The commercial Energy Assessor has to be more qualified and skilled and the whole energy assessment process takes significantly longer. As a result the commercial EPC is significantly more expensive than its residential counterpart. Fees will vary from £450 to £5,000 per average building depending on the size, complexity of the heating and cooling within the building.

Failure to provide an EPC will make the agent/landlord liable to a fine from the local Trading Standards Office of between £500 and £5,000 based on the rateable value of the property concerned. The seller will be responsible for instructing the EPC which includes the landlord or the assignor. Where an EPC may not be obtainable in time the seller must, at least 14 days prior to sale, have ordered an EPC from an Energy Assessor.

Hinton Newport surveyors are able to provide Commercial EPCs and also to advise on any residential EPC elements of the commercial building at the same time. Due to their position in the market they are also able to provide discounted EPCs where properties are sold through their agency.

Please contact Hinton Newport - property@hinton-newport.co.uk or telephone on Swindon (01793) 534121 to book your EPC or obtain a quotation.

Posted 5/09/08

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Energy Performance Certificates

As from 1 July 2008 EPCs are required for the construction, sale or rent of buildings, other than dwellings, with a floor area over 2,500 square metres.

As from 1 October 2008 EPCs are required on the sale or rent of all remaining commercial buildings and buildings under construction or refurbishment. Display Certificates are required for public buildings in excess of 1,000 square metres.

Certificates need to be ordered for properties to be put on sale two weeks prior to 1 October, therefore by 17 September 2008, all property owners are required to have instructed a surveyor to carry out an EPC. Failure to comply could leave the landlord or leaseholder liable to a Trading Standards’ fine of £5,000 per day. A Trading Standards Officer can request an EPC to be provided within 7 days, or at least confirmation an EPC has been ordered 14 days prior to marketing.

By 4 January 2009 a first inspection of all air conditioning systems over 250 kilowatts is required. By 4 January 2011 a first inspection of all remaining air conditioning system over 12 kilowatts must have occurred.

All commercial landlords and leaseholders who intend to sell or carry out major alteration works, or build new buildings, should now start thinking about producing an EPC.

Hinton Newport are able to supply their clients with EPCs as well as offering their properties for sale or rent and providing a full professional service in terms of surveying and property advice.

Should you require any help obtaining EPCs or professional advice in the sale, rent or construction of your property please contact Hinton Newport - property@hinton-newport.co.uk or telephone 01793 534121.

Posted 22/07/08

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New Offices in Bath and Warminster

Hinton Newport in association with Allied Surveyors PLC is the largest independent firm of valuers and surveyors in the country. Our business has been structured to provide reliable and expert professional advice across a wide variety of disciplines to Corporate Clients and Private Individuals in both the residential and commercial property fields.

Hinton Newport has now established offices in Bath, Swindon and Warminster to ensure the provision of an improved and more targeted service.

Senior Partner David Newport explains, “Our key focus is always client delivery and by expanding our network of offices we can provide you with a more efficient yet locally based service with corporate expertise”.

Posted 21/07/08

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Certificates for Commercial Buildings

It was intended that large commercial properties over 10,000 square metres and Government buildings were to commission an Energy Performance Certificate by the 6th April 2008. The Government announced on the 13th March 2008 transitional arrangements for buildings already on the market at the 6th April. Any building which is on the market before then and remains on the market will need an Energy Performance Certificate by the 1st October at the latest. If it is sold or rented out in the meantime, an EPC must be commissioned and then handed over as soon as reasonably practicable. This is intended to make it easier for owners and landlords of large buildings to comply with the legislation. Similar provisions will apply for the introduction of EPCÕs on buildings over 2,500 square metres on 1st July, expiry also on the 1st October 2008. This responds to the industries expectations and is intended to ensure a smooth introduction on the 6th April 2008.

As from the 1st October 2008 all commercial properties which are sold or have a new lease will be required to have an Energy Performance Certificate. The current cost of the Energy Performance Certificates will be anything from between £1,000 for a small commercial shop unit to an average of £5,000 to £10,000 for an office block, and it is intended that this charge will be the responsibility of the landlord or person selling the lease. There will be a fine of up to £5,000 for anyone who does not provide an EPC which will be enforced by the Trading Standards. EPCÕs will also be required on new buildings and enforcement will be by Building Control and the Local Authority. As from the 1st October 2008 all Government or public buildings over 1,000 square metres will require a Display Energy Certificate (DEC), which has to be renewed every year. An EPC will have a life span of 10 years and will require renewal when the building is substantially altered in terms of additional compartmentalisation, improved heating, or a change of use.

Hinton Newport will be able to provide Energy Performance Certificates and Display Certificates for commercial properties, as well as its existing residential commitments. Should you require any help with regard to the provision of these Certificates or future saleability of commercial properties and leases please contact Hinton Newport Surveyors at property@hinton-newport.co.uk or on 01793 534121.

Posted 01/04/08

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New Appointment

Hinton Newport are pleased to announce the appointment of Mike Hancock who has joined the Swindon Office as a newly qualified surveyor.

Mike has an RICS accredited degree in Real Estate Management from the University of Portsmouth and has three years post qualification experience as both a Quantity Surveyor and as a Residential Surveyor and Valuer. After rigorous training and examination Mike is now qualified as TechRICS specialising in Residential Survey and Valuation.

Mike will predominantly be carrying out residential work for us and we will provide him with further training so that he will become competent in carrying out commercial valuations which will enable him to have the broad range of experience needed to reach chartered status (Royal Institute of Chartered Surveyors) by March 2009.

Posted 24/01/08

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Commercial Properties to Provide Energy Certificates.

As from the 6th April 2008 Energy Performance Certificates are required for the sale or rent of buildings other than dwellings with a floor area over 500 square metres. In addition display certificates will be required for public buildings over 1,000 square metres. Display certificates will be an Energy Performance Certificate similar to the residential certificates and will be displayed in a prominent area and renewed on a yearly basis.

The cost of the certificates for larger commercial buildings could be in the region of £3,000. The certificates will be issued by a qualified RICS member who would normally include Chartered Building Surveyors and Engineers.

As from the 1st October 2008 EPC's will be required on the sale or rent of all remaining buildings other than dwellings. These certificates will not be provided by the existing residential energy inspectors as the qualifications are totally different and due to the complexity of the design energy assessment it will be undertaken by qualified Surveyors who have undertaken the level 4 and 5 NVQ qualification. The cost of the standard medium to small commercial property will be in the region of £1,000. It would be prudent to arrange within lease agreements who will actually pay for these Energy certificates. Certificates will normally last for 10 years.

The penalty for failure to provide an Energy Performance Certificate for non dwellings is 12.5% of the rateable value, subject to a minimum of £500 and a maximum of £5,000. Appeals are to be made to the County Court. Failure to display a valid certificate in a public building will be £500 and Enforcement is to be undertaken by the Local Authority Weights and Measures.

This requirement for certificates has been empowered by the Kyoto Protocol published in 1997 and the Energy Performance of Buildings Directive (EPBD) which requested a 22% reduction in carbon emissions by 2010 based on 2002 standards. There is a target of 26% to 32% reduction by 2020. Building Regulations standards have recently been changed to meet these requirements and will also increase standards in the future. Building Regulations will apply to new buildings and alterations where the build costs will be increased as a consequence.

It would be useful at this time for public buildings to collect information for the provision of these certificates which will include detailed energy build assessments, providing construction drawings and floor plans, and specifications of the building and providing a preliminary assessment by a Surveyor to ascertain further requirements.

Should you require any further assistance or information over the next few months please do not hesitate to contact us - Hinton Newport Surveyors at property@hinton-newport.co.uk.

Posted 24/10/07

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Change to new insulation standards to add up to 8%
on construction costs

New insulation requirements under Part L of the Building Regulations for dwellings and commercial buildings will increase construction costs of between 6%–8% for new building works and conversions. These requirements came into force on 6 April 2006, and applies to new plans submitted for residential and commercial buildings over 1,000 m2.

The Government has designed the regulation to improve target carbon emission rates by between 20%-23% greater than 2002 Regulations.

The Government has passed new serious impositions to existing buildings stock to reduce carbon emissions. The Regulations are very stringent and draconian and provide a new taxation to improve existing building stock to reduce CO2 emissions.

The new Regulations will apply to all buildings, including commercial, and this will include barns, sheds and all existing exempt buildings except conservatories, places of worship or temporary buildings under 3 years old with low energy requirements.

The major new imposition on residential dwellings is that any building works which require more than 25% of that external element to be repaired requires a whole upgrade to that element to current insulation Building Regulation standards.

For instance, re-roofing a residential house with new tiles requires an upgrade in the roof insulation and ventilation to 250mm of insulation and venting. External or internal re-rendering greater than 25% of the wall area will also require an upgrade in insulating the whole wall element.

With commercial buildings over 1,000 m2 there is a term introduced known as “consequential improvements” and this is equivalent to upgrading the whole element or building and in addition 10% of that improvement cost has to be allocated to other thermal improvements. For instance, the installation of a new air conditioning, or new heating system may require the whole building, or conversion to be increased for insulation standards to the new Part L.

In addition to that an additional 10% of costs will have to be allocated to other insulation improvement works.

The Regulations apply to new building works, and these will include extensions over 25% of the total floor area or over 100 m2, and also to any new building.

There are 5 new criteria which have been provided by the new Building Regulations, these relate to the performance standards which have to be designed in new building conversion works to provide a stipulated CO2 calculation, and in addition solar gain and pressure air testing calculations.

On completion the buildings will have to be tested to show that they meet these requirements. In 3 years time all buildings will require a carbon emission certificate so that the government can assess the efficiency of every building.

In terms of valuations, any proposed redevelopment, or new build works will have a substantial affect on valuation of that property in terms of investment and resale value.

Should you require any further information or help please contact Hinton Newport, Surveyors.

Posted 07/06/06

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New House Buying and Selling Process Put Back Six Months

6 December 2005

Home Information Packs are now being introduced by the Government and will become mandatory from 1 June 2007.

The Packs are expected to cost around £600 plus VAT for the average home. The "dry run" for reports was originally planned for the summer of 2006 - this has now been delayed until the beginning of 2007.

The delays are mainly due to problems associated with the training of Home Inspectors. To date approximately 1,700 Chartered Surveyors have applied to become Home Inspectors, this is a significant shortfall in the Governments target of 4,500 Home Inspectors by June 2007. Another cause is attributed to IT problems and to allow additional time for the training of Home Inspectors.

The current format of the survey report to be included in the Home Information Pack is to a Building Survey standard.

There are questions to be asked as to whether there are sufficient qualified surveyors to undertake this work to such a high standard. Furthermore, many existing surveyors are unwilling to retrain in order to carry out work which they essentially undertake at present. The average cost of training a surveyor to become a Home Inspector is in the region of £8,000 taking into account course fees, and the time spent in training.

A significant number of surveyors are reaching retirement age and do not feel inclined to undertake further training. The lack of younger surveyors indicates that there is likely to be a substantial deficit in the number of surveyors to undertake the initial start-up. If this proves to be the case, then the Government may either fast-track those surveyors with sufficient relevant experience or reduce the complexity of the survey which may simply comprise an energy report and comments covering the overall structural condition of the property. If this situation is not resolved by the end of next year there is a possibility that Home Information Packs may be delayed for political reasons in the face of a forthcoming General Election. The ODPM's press release suggestes that the Government are actively promoting the Home Information Packs and both estate agents and vendors may have to provide HIP's within the next year.

Hinton Newport as part of Allied Surveyors are currently launching a vehicle known as Blue Box. This will provide access to qualified surveyors to provide HIP's and will be linked to a number of providers working with local estate agents who may prefer to use local surveyors and financial advisers to ensure a consistent level of service.

A large number of lenders, together with national surveying companies and estate agencies, are in the process of forming a "one-stop" company for producing the HIP Reports. As the Government proposes a six-month nationwide trial from 2007, possibly late 2006 - it would be prudent for local estate agents to consider how and by whom these reports are to be provided. This is in spite of the fact that many estate agents consider that voluntary packs will not work as they will be prohibitively expensive.

The present home buying process is fraught with many potentially serious problems and is unquestionably in need of reform. It is difficult to ascertain how HIP's will be implemented until they are mandatory and we suspect that the estate agents will wait until they are forced to operate this system which the Government believes will improve the whole procedure.

It is certain that estate agents will be a significant influence with regard to HIP's and, providing the Government can implement the system more easily, there is no reason why these proposals will not become effective. HIP's will ease the house buying process and protect the consumer, as well as providing the Government with information regarding the condition of the national housing stock and ensuring compliance with the EU Directive for Energy Reports.

For further information please contact us, telephone 01793 534121.

Posted 07/12/05

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Equality Time for Business Access

Swindon Business News

Hinton Newport, in association with Allied Surveyors and Scope, has played a key role in the charity’s Access Equality Initiative. The scheme offers advise to businesses throughout the UK to ensure their premises comply with the requirements of the Disability Discrimination Act

Part III of this Act, which came into force in October 2004, requires anyone providing a service to address those physical factors which make it difficult for disabled people to use their services.

Access Equality gives businesses the opportunity to ensure that they comply with the current legislation relating to Disabled Access. It is a common misconception that major structural work is often required to ensure that a building complies with this statute. This is incorrect, as service providers are required to make reasonable alterations to overcome any physical barriers which make it difficult for disabled people to access their premises.

In many instances, it may be necessary to provide a planned contingency whereby the service and facilities offered can either be carried out at the disabled persons home or at another suitable point of contact. Other recommendations may include the highlighting of depths and hazards, providing colour contrast and enhancing lighting in certain areas. Additional facilities, such as disabled toilets, may need to be installed in larger properties.

The objective of the scheme is to help businesses to achieve compliance with the Disability Discrimination Act to ensure that they cater for the 15% of the population who are disabled.

Tony Mainwaring, Chief Executive of Scope, said “The business case for including disabled people when providing goods and services is undeniable. The UK’s 10 million disabled people have a spending power of £80million. However, this initiative which is part of our “time to get equal” disability equality campaign is about something much more fundamental: it is aimed at helping business to understand and overcome the barriers disabled people face in our society today.”

It you would like to arrange an Access Equality audit, or find out more about the initiative, please contact us on 01793 431355.

Posted 10/05/05

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New House Buying & Selling Process

A new Housing Act is about to become Law. It will have a huge impact on the way in which we buy and sell residential property.

From 2007 owners of residential properties offered for sale will be responsible for compiling, what will be known as a "Home Information Pack" before the property can be marketed. The reasons for the change are to remove delays, protracted post-offer negotiations following surveys and to speed up transactions. The Home Information Pack will also provide information relating to terms of sale, title, searches, planning consents, guarantees and lease details. It will also include a new form of survey called a Home Condition Report which will be concise and will also include an energy efficient report, but will not include a valuation opinion. Mortgage lenders should be able to obtain sufficient information from the Home Condition Report without the necessity for a separate mortgage valuation report and will subsequently reduce the necessity and cost of mortgage valuation reports. Lenders will be able to value the property from an established Land Sale Database.

Although the pack is estimated to cost between £500 and £1,000 depending upon the property value, I would anticipate that all major lenders and estate agencies will offer the packs free of charge as part of their service, and estate agents will recoup the cost from the sale of the Home Condition Report to the lenders. Major lenders may offer the packs as free in order to attract business to their estate agency chain.

A number of larger lenders, national surveyors and estate agents are currently in the process of forming "a one-stop" company for producing these reports. Some larger surveying chains have already purchased additional estate agencies and surveyors and recruited graduates for training to undertake the reports.

The process will include the greater use of electronic information and new search engines set up by the "one-stop" providers to make instructions for house sales easily accessible.

The Government propose a nationwide 6 month trial from the summer of 1996.

The Housing Act also proposes that estate agents will become regulated and that landlords who own empty properties for a long period will be forced to either let or sell by the local authority.

The Home Condition Reports are proposed to be carried out by qualified and tested inspectors who have been approved by the Government. The inspectors will have reached the specified standard and will have a three-yearly test of competence.

For further information please contact us, telephone 01793 534121.

Posted 10/01/05

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