Lsl Prop Regulatory News (LSL)

29 May 2007 07:02

LSL Property Services29 May 2007 For Immediate Release 29 May 2007 LSL Property Services plc Energy Assessors Joint Venture LSL Property Services (LSL) and Connells Group announced on 19 March 2007 thelaunch of energy-assessors.com, a Joint Venture set up to meet the demand forEnergy Performance Certificates as part of the Government initiative tointroduce Home Information Packs. On 22 May 2007, the Government announced its intention to delay the introductionof Home Information Packs (HIPs) in England and Wales until 1 August 2007. TheGovernment is now planning to introduce the HIP regulations in phases, with onlyfour or more bedroom properties requiring a HIP from this date. As a result of this announcement, the LSL Board has undertaken a review of itsstrategy in relation to HIPs and in consultation with the Connells Group hasdecided that its plans for energy-assessors.com will not proceed at this time.The LSL Board will monitor the development of the HIP Regulations and will waituntil there is more certainty with regard to the Government's future intentionsin this matter before making any further decisions. To date, LSL has invested approximately £150,000 in the Joint Venture and has nofurther liability beyond this amount. END For further information please contact: LSL Property Services 01904 715324Simon Embley, Chief ExecutiveDean Fielding Group Finance Director Buchanan Communications 020 7466 5000Richard Darby, Nicola Cronk, Catherine Breen Notes to editors LSL Property Services plc is one of the leading residential property servicescompanies in the UK and provides a broad range of services to its customers whoare principally mortgage lenders, as well as buyers and sellers of residentialproperties. LSL's main operations are its surveying business, which operatesunder the e.surv and Chancellors Associates brands, its estate agency business,which operates under the Your Move and Reeds Rains brands, and its financialservices business.For further information, please visit LSL's website: www.lslps.co.uk The Connells Group comprises three estate agency businesses; Connells, Sequenceand Sharman Quinney. The Connells Group is the second largest estate agencynetwork in the country. As well as operating under the Connells and SharmanQuinney names it also trades under 11 other well-known local brands within theSequence business, including William H Brown, Barnard Marcus and Fox & Sons.In 1996, Skipton Building Society acquired a majority stake in the company withConnells senior management taking a 25% shareholding. Connells Group is astrategic shareholder in the UK's number one property website, Rightmove.co.uk. For further information, please visit Connells' website: www.connells.co.uk This information is provided by RNS The company news service from the London Stock Exchange