Zoë Dyer airs her views on the proposed introduction of the "Home Information Pack"

The archaic and cumbersome process of selling and buying property is to be revolutionised by the Government with the introduction of the 'Home Information Pack'.

Speed and efficiency are the drivers, but will the benefits really outweigh the effort and cost?

Packs will consist of:

• Ownership documents
• Local authority searches
• A home condition report (or survey) together with planning consents
• Proof and copies of guarantees and warranties

These packs of information will need to be made available every time a property is put on the market. The main perceived benefit of this system is that, once a sale has been agreed, the time it takes to pass through the conveyancing process will be greatly reduced. The aim is to put an end to gazumping and to ensure that only serious sellers put their homes on the market. With up to 28% of sales falling through after an offer has been accepted, it is estimated that this could save around £350m a year in aborted house transaction costs. But buyers could be put off even viewing a property in the first place if the survey or searches show potential defects or difficulties.

The primary objection to the scheme seems to be the cost to the seller, who will have to pay upfront for the surveys and searches even before the house goes on the market. The cost of this could amount to between £600 and £1,000 depending on location. This cost will undoubtedly deter some sellers from testing the market and result in a reduction in the number of properties being put up for sale.

Ultimately, buyers may not even be able to take advantage of the potential cost saving anyway, as lenders may reject the survey and insist on an independent valuation or Homebuyer's report. Also, if a house fails to sell within six months, the vendor will have to apply for new searches and so incur further costs.

The Government proposes to make it a civil offence in cases where someone selling a property refuses to compile a Pack. A maximum fine of up to £5,000 is proposed for persistent offenders.

This scheme is just a small part of the Government's long-term plan for speeding up the house-buying process. Other initiatives include electronic conveyancing, ideas to promote faster mortgage processing and a certification scheme for Home Inspectors.

It is unlikely that Home Information Packs will become mandatory until 2006. Before they are introduced, more research is necessary to ensure that this initiative really does result in tangible benefits for everyone involved in the house-buying process.