Home Information Packs - HIPs
With all the turmoil in the world economy over the last 12 months the introduction of home information packs couldn’t have come at a worse time.Home information packs were introduced to smooth the house sale process, reduce costs and improve energy efficiency. However it has become clear that the HIP's experiment has failed.
A few examples of the negative impacts of HIP are:
- Home sellers are now unable to test the market without committing cash
- Delays caused because marketing can’t commence until HIP compiled
- Much of the packs info is out of date by the time the property goes under offer. The buyer then has to repay for updated info.
- Some lenders/solicitors will not accept the contents of a HIP and may demand their own information, so duplicating costs.
- Cost of a HIP is an added cost to house sale process
- If the property doesn’t sell the HIP and the money spent on it is wasted.
The HIP experiment started off as a comprehensive attempt to improve the house sale process in England/Wales. However it has ended up increasing red tape with all the associated delays and costs normally associated with Government meddling.
A review of HIPs is desperately needed however it is doubtful whether the Government will be forced into a u-turn at an already desperate time.
For more info about home information packs and how you are exempt from compiling one if you sell to Quick Move Now visit http://www.quickmovenow.com/
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1 Comments:
HIPs are here to stay, but only if they continue to improve and offer added value.
The next phase of their development will be the "exchange ready" HIP which will include contracts. planning information and replies to standard enquires plus a full official local authority search ( not the half- cocked personal searches which have sprung up exponentially). these HIPs will cut the times to exchange especially if the Buyer has already a mortgage agreed in principle.
The Conservatives are still in the process of compiling information on HIPs. It would be highly unlikely they would seek to scrap a product which although flawed at inception had evovled into something worthwhile and value for money
Paul Hajek Solicitor and CEO ActionMove Ltd
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