Why Property Logbooks are a riveting read
What is a property logbook?
A property logbook is a very useful tool for every home buyer, homeowner, home seller and landlord. It is a physical record of all the vital information about your home, think of it as the ultimate Wikipedia page – the source of all knowledge and insight about your home.
What is a digital property logbook?
A digital property logbook is an on-line or digital version of a physical property logbook. Twindig is a provider of digital property logbooks. A digital property logbook is much more practical than a physical one. You can access it wherever you have access to the internet.
You have everything you need to know and remember about your property at your fingertips– you can’t google ‘When did last service our boiler?’, but you can twindig it.
Property logbooks for homeowners
Property logbooks help homeowners stay on top of managing their home, from reminders to get the boiler serviced or to check the best utility deals, to a secure a safe place to store warranty and guarantee information. You will never forget that important date of loose that important document once it has been recorded or stored in your property logbook.
We call a property logbook a ‘twindig’ – a digital twin of your home, which you can access via your smartphone, making your twindig a really useful place to store things like floor plans and the sizes of your windows. If you are in John Lewis wondering if that sofa will fit through your door or what size curtains you need, all your measurements will be to hand on your twindig.
Can’t remember the exact colour you painted your living room, record it in your twindig and we will do the remembering for you.
To start your twindig simply register your property on twindig.com today it will only take a couple of minutes but could save you hours. Once registered find your property and start your digital property log.
Property logbooks for home buyers
Our homes are the biggest and most expensive purchases most of us ever make and we often let our heart rule our head when making that all-important decision about which house to buy. Very few of us would buy a second-hand car without an MOT or no service history, but houses do not have MOT certificates or service histories and this is where property logbooks come in.
Property logbooks give you peace of mind that a home has been well maintained and looked after. They can also serve as a ‘user manual’ telling you where important things, like the stopcock, are and how the boiler works and what to do if the boiler goes out.
Property logbooks will allow you to better compare properties you are looking at – which has the newest kitchen appliances, how old is the bathroom, when was the double glazing fitted.
If the seller has gone to the trouble to put a property logbook together it shows they have little to hide and the home is in good working order.
Property logbooks for home sellers
When selling your home a property logbook acts as a cross between a CV and a Linkedin profile for your home it is both a practical source of truth as well as a marketing tool or brochure drawing potential buyers attention to your home’s best features.
If you have recently fitted a new kitchen show pictures and tell potential buyers about all the hard work you put in to get the kitchen just right. If your en-suite has the best power shower in the world make sure you mention it in your property logbook.
On the practical side detailing a full-service record – boiler, gutters, painting and decorating, replacement windows, re-wiring etc will show that you have looked after the home and that there are unlikely to be any skeletons lurking in the cupboards.
Home sellers can also produce summary logbooks that can be emailed to potential buyers after they have viewed the property.
Property logbooks save you time and money
If you are selling your home and you have a complete property logbook, you are what we call 'Sale Ready'. Being sale ready gives confidence to the buyer that you are a serious seller and having all the documents ready saves time. You will be surprised how just a simple missing document can add weeks to the buying and selling process, especially if the missing document is not noticed until a critical point and then the conveyancer has to request it, you have to find it, send it to your conveyancer who then sends it to your buyer's legal team who in turn will take time to process the new information. If each person in the chain is missing just one document, you can see how time adds up and a sale may fall through.
Property logbooks and Stamp Duty
The 'COVID' Stamp Duty holiday provides a clear example of how a property logbook can save you money as well as time. Those buyers able to complete their purchase before 30 June 2021 stand to save up to £15,000, this saving falls to £2,500 if completion occurs between 1 July and 30 September 2021 and there are no stamp duty savings from 1 October 2021.
You can see the impact on stamp duty costs of
- house price
- location, and
- timing of purchase
Property logbooks for landlords
Our experience is that landlords use property logbooks as the properties user guide or how-to manual. Similar in scope to the folders found in holiday lets and holiday rental properties: how the washing machine works, where is the stopcock. They are also good places to store things such as the gas safety certificate, EPC and check-in inventory records.
If prospective tenants can see a thoughtful ‘user manual’ and a record showing how regularly and how well the property is maintained the property will command a higher rent and the tenants are more likely to look after the property.
What should be in a property logbook?
As a minimum, think about your experience of renting a holiday home or apartment and how useful you find the folder of – how the boiler, TV and dishwasher work and where the nicest pubs and restaurants are. Property logbooks are meant to be practical, but they can also be used to help a potential buyer see themselves in the home and make them feel at home and welcomed in your home.
On a more practical note, the Residential Logbook Association (RLBA) recommend that the digital property logbook would include:
Your properties Unique Property Reference Number (UPRN)
The Title Number as stored at the Land Registry
Handover packs (where things are and how they work)
Building or retrofit works completed with guarantees and building regulation approvals
History of sales transactions
History of rental tenancies if applicable
Lettings MOT if applicable
Ground rent and leasehold information if applicable
Details of utility company providers
Government information such as flood risks
If selling up to date search and other local authority information
How much does a digital property logbook cost?
Twindig provides you with a free digital property logbook template. To get started just register your property on the twindig platform – it will only take a few minutes and we believe it will save you hours in the long run and might save you money if our reminder tool helps you save on your utility and insurance bills.
Twindig does not charge you for your digital property logbook, although you may have to pay for some of the documents (such as an EPC certificate or local authority searches) you wish to store securely on your twindig.
Do I have to have a Digital Property Logbook?
No, it isn’t mandatory to have one, although the Residential Logbook Association (RLBA) is working with a number of parties under the guidance of the Ministry of Housing Communities and Local Government (MHCLG) with the objective of all residential transactions to be supported by a regulated residential logbook.
Twindig will ensure that its digital property logbook will comply with any legislation as it emerges.
Should I have a property logbook?
Yes, but only if you want an easier less stressful life and an easier way to manage your home. We also believe that having a readily available digital property logbook will make your life easier. If you complete your logbook fully it will act as google or Wikipedia for your home, a very useful resource to have at your fingertips and dip in and out of as you need it.
Will I need a Property logbook in the future?
The Law Society currently has a call for evidence running with respect to the use of digital assets. In our view, digital property logbooks are an excellent way to use digital assets to speed up and reduce the stress of moving home. Whilst currently only a call or evidence this could be the first of several steps which may see the requirement to hold digital property records in the form of a digital property logbook enshrined in UK Law. But why wait until it becomes law? You can start your digital property logbook today and start enjoying the benefits it brings.
Property logbook vs Home Information Packs
The idea of a property logbook is not new. Part 5 of the UK Housing Act 2004 set out legislation for a Home Information Pack (HIP or hip). HIPS became mandatory on 1 August 2007 but were suspended on 20 May 2010.
They were required to be available from the time a home was put on the market for sale. Essentially, they were a static tool a snapshot in time to benefit the seller.
Digital Property Logbooks, on the other hand, are a living and breathing resource that adds value to the homeowner whilst in the property and will benefit both the buyer and the seller when and if the homeowner chooses to sell their property. In the age of the amazon review and readily available digital information, digital property logbooks are conspicuous by their absence.
What is a Home Information Pack or HIP?
Home Information Packs were introduced in the summer of 2007. They were a ‘Ronseal’ product, a pack of information about a home including up to date Energy Performance Certificates (EPC), local authority searches, title documents and where relevant guarantees and warranties.
When launched the Government believed that the introduction on HIPs would speed up housing transactions and reduce the number of housing transactions which fail to complete.
The HIP had to be available in full and less than three months old on the first day the property is marketed. The HIP had to have the following information
For freehold properties:
Energy Performance Certificate (EPC)
Property Information Questionnaire
Title documents and Land Registry title number
Local authority searches
Additional information required if the property was either leasehold or commonhold:
Copy of lease
Building insurance policy
Contact details for landlord or managing agent
Recent service charge receipts and accounts
Why were HIPS scrapped?
The UK Government suspended HIPS requirements on 20 May 2010, calling HIPS ‘expensive and deficient red tape’
If HIPS was scrapped do we need Digital Property Logbooks?
In 2010 HIPS were viewed as expensive and as potentially acting as a brake on housing market activity. However much has changed since 2010. It is now possible to collate much of the information deemed necessary by HIPs digitally at very little cost.
Access to digital information has transformed the way we look at data. Digital Property Logbooks also more of a carrot to the HIPS stick, rather than being red tape, they provide useful live data to the homeowner and act as a marketing tool to the seller. Consumers and homebuyers are now used to seeing detailed information on the internet about every product they purchase so it is now accepted that detailed information about a very expensive purchase (your home) should be readily available.
Twindig has created skeleton ‘digital twins’ or digital property logbooks for every residential property across the country. To add some flesh and bones to your twindig and to start your own digital property logbook register your property on twindig today.
Is BASPI the new HIP?
On 15 March 2021, the Government supported Home Buying and Selling Group published its 'Buying and Selling Property Information (BAPSI) dataset, which is designed to be the 'one source of truth' when it comes to property information.
On the launch, Kate Faulkner, the Chair of the Home Buying and Selling Group said:
“This is a major step forward in trying to make life better for those moving home. Far too often sales fall through after an offer is accepted, due to a lack of information provided to the buyer and part of the reason for moving home taking 20 weeks is that we don’t collate enough information upfront. The BASPI together with the Pledge recommending sellers to instruct legal companies on day one of marketing, can go a long way to improving the home moving process for consumers and also for the daily lives of those in the industry.”
We believe that the COVID-19 pandemic highlighted the bottlenecks in the home buying and selling process and re-energised the industry's plans to make the home buying and selling process much easier.
Since the launch of the BASPI, The Law Society launched a new pilot scheme (TA6 Part 1) to encourage sellers to start collating the key information needed to sell their home at a much earlier stage of the process.
Property logbooks coming of age
The launch of both the BASPI and TA6 Part 1 pilot show that property logbooks are coming of age and will increasingly be used in the future. Twindig is proud to be part of the property logbook movement and to already offer a FREE property logbook template and secure online document storage for every home across the UK.