Home-buyers need to have fees made clearer to them when buying homes, according to a new report from an industry body.
The Royal Institute of Chartered Surveyors (Rics) highlighted in a report this week that consumers were often surprised by unexpected fees when using property services.
It called on the government to regulate such services so that terms and conditions are clear and that firms have to ensure that consumers understand what they are paying for and how much they are paying.
One way doing this would be to give the property standards board legislative powers to oversee compliance with its legislation.
Some of the areas of concern discussed by property professionals and consumers, convened into a panel for the report, were service charges, commission on letting renewals, costs of mandatory certificates and papers such as home information packs and the breakdown of valuation fees.
Rics said that it would be willing to work with authorities in order to ensure greater transparency for mortgage applicants. It also recommended that the government review existing legislation in the property sector.
See Also: Property News (6711)
Date Published: 25 February 2010
Related News
