At the moment, sellers are allowed to market their properties immediately - providing they have commissioned and paid for a Home Information Pack (HIP) at the time of instructing an estate agent.
But from next month, among a package of measures designed to "ensure consumers receive improved information in the home-buying and selling process" - introduced by Housing Minister, Margaret Beckett - will be the stipulation that from April, properties coming onto the market can only be advertised to potential buyers once they have a completed HIP.
According to Graham Lang, Operations Manager at The Nottingham, this new red tape has the potential to have a significant impact on the East Midlands' property market.
"Planning is now critical to selling a home - and sellers will now have to start thinking quite seriously about why they're selling a house, and when the best time to achieve this outcome would be," said Graham Lang.
"The reality is that from 6 April, home-selling is now going to become a major logistical exercise for everyone involved in the process.
"On average, a HIP can currently be provided to a seller within five days of a selling instruction being received. 1 But the new legislation will undoubtedly lead to this process being delayed. Therefore, going forward, sellers must prepare themselves for some frustrations."
Graham Lang believes estate agencies like Nottingham Property Services have a crucial role to play when it comes to managing the expectations of home-sellers.
He said: "We can help those sellers who come onto the market from 6 April to be prepared - and ensure they plan accordingly.
"Already we have the systems and processes in place to meet these changes and ensure a smooth, professional and fast marketing service for those home-owners who sell their property through us."
The Nottingham has already taken proactive steps to assist its growing army of home-sellers and buyers.
Earlier this month, it unveiled a dedicated service for the ‘serious home-seller', which would enable clients to receive premium levels of service from the agency's 15 offices in Nottinghamshire and Lincolnshire.
And The Nottingham has been working closely with Hiphomes, one of its key strategic partners, in the development of a new ‘Exchange-Ready' document.
When launched, the ‘Exchange-Ready' HIP will include more detailed information about a property, including:
Comprehensive seller's information;
Associated legal information;
Copies of guarantees and certificates associated with the home;
A draft contract.
"This is something we believe has a big future and we'll soon be trialling this new HIP product at some of our estate agencies before rolling it out across our network," added Graham Lang
"It will ensure comprehensive information about a property is available to the buyer upfront, thereby helping them make a better informed decision on whether to buy. The document will also ensure a solicitor has everything at their fingertips to ensure they can complete a transaction quickly and with the minimum of fuss."
