Much has been written about the Home Information Packs (HIP's). Here we aim to examine the final details, just released.
From June 2007 it will be compulsory for all sellers to produce a dossier containing certain basic facts regarding the sale of the property. Ministers estimation of the costs of this survey are £776, a figure that the experts dispute. They say the figure is much more likely to be £1000. These figures are based on an average semi.
The information given in the dossier includes searches, deeds, description of the property and an energy efficiency rating. However, it appears that there are some rather worrying exclusions in the list. For example, there is no reference to rights of access, ground stability, natural subsidence or effects of mining. Risks of flooding are not included; neither is contamination from radon gas or other substances. Telecommunication links seem to have been overlooked too.
Despite this cost to the seller, it appears that if a buyer is borrowing in excess of 80% of the property value, they'll still be expected to commission and pay for valuations.
With regard to the three month time limit on sales, it appears that mortgage lenders will refuse to advance cash to buyers where the HIP is over three months old. Also, if house is taken off the market for over 28 days within those three months, a new HIP will have to be obtained. Where the reason for the property being off the market for 28 days was connected with a sale, the rule would not apply.
Where a property is marketed for sale on a private website or even by a for sale sign in the garden, the failure to supply a HIP will result in a fine of £200 per day.
In reaction to the announcement of these regulations, a Tory spokesman was quoted as saying the packs were “expensive, deficient and dangerous. The refusal to tell families whether the back garden will be safe for their children or of potential flood risks, delivers a serious blow to the credibility of these packs.”
.The Law Society are concerned that there may be significant defects in the scheme in the there is no provision in the regulations for information within the HIP to be authenticated or confirmed by the seller. They are of the opinion that there should be a warning that reinforces to the buyer the risk of taking on substantial liabilities and commitments.
When you take into consideration the fact that the VAT alone from these packs will bring in £111m per year into the treasury you realize why the Government has been accused of yet another stealth tax implementation.
So there you have it. It appears to be that, for better or worse, HIP's are here to stay.
Christian The Lion The Full Story
There are five exhibit halls and an outdoors static display, with daily demonstration flights. The last two days are open to the general public. In 2004 there were more than 1,300 exhibitors that were seen by 150,000 visitors. The airshow also attracts protests against the arms trade.
History
The Farnborough Airshow traces its origins to the annual RAF Airshow at Hendon between 1920 and 1937. In 1916 the Society of British Aerospace Companies or SBAC was formed. This organization went to the Hendon show to showcase the British aviation industry.
Sixteen companies presented thirty-five aircraft that first year. After a pause for WWII, the show resumed in 1946 at Radlett. The show moved to Farnborough in 1948, which is also where BAE Systems, Britain's premier aviation company is located. In 1962 it changed from a yearly event to biennial.
Over the years it has grown into an international event and the world's largest aerospace trade show and is held every even numbered year, alternating with the Paris Airshow. The 2008 Farnborough International Airshow will also celebrate the one hundredth anniversary of fixed wing flight in the UK, a flight by Samuel Cody, which took off at Farnborough itself.
Aircraft Displays
Each day of the airshow features more than a hundred aircraft on display. There are displays devoted to business aircraft, unmanned aerial vehicles, spacecraft and of course military aircraft. Air Force and other flying service demonstration teams from around will perform or at least be seen, and with thirty plus countries sending wares, the latest aircraft on the open market will be present to support the billions of dollars worth of deals and agreements that will take place.
Eurofighter Typhoons, V-22 Ospreys, MiG-29 OVT, Airbus A380, Gripen, Apache Longbow and others were present in 2006 and are likely to attend in 2008.
Exhibition
The exhibition features a combination of static displays of aircraft, flights by various aircraft and other aerospace components, such as engines, radars or software. There is a Media Center and conferences that occur during the program.
Eighty-three defense delegations from forty-three nations, and forty civil aerospace delegations from fifteen nations attended the 2006 Farnborough International Airshow, and future events are expected to be of similar size. The size and prestige of the show ensures that anyone in the aerospace market, selling or buying, attends to seek the best deals possible.
At the 2006 show, $42 billion in deals were announced, $5 billion military sales and $37 billion in the civilian aerospace market. 130,000 visitors attended on the open days. There is an Enthusiast's Day, which allows Friends of Farnborough with an interest in aviation to attend on one of the days that are otherwise open only to industry figures. There is also an International Youth Program, designed to encourage youths to pursue careers in the aerospace industry.
Traditionally, the RAF Red Arrows will perform towards the end of the program.
Both Adrian Taylor & Derek Both are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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