HIPs to revolutionise the home buying process
Anyone selling a house will be required to develop a Home Information Pack, which will contain a property condition report, seller’s information form, list of fixtures and fittings, local searches, building warranties and details of any planning or building regulation consents. This will be developed before the house is marketed, and is expected to cost on average £650.
Hugh Dunsmore Hardy, non-executive director of STL Group comments:
“The Home Information Pack will take a great deal of pain and stress out of moving as all the important details of the property will be available to prospective buyers before they make an offer. This will mean lower fall-through rates as buyers will instantly see documentation on the property up front, before the buying process has begun, so no nasty shocks will appear just before the contracts are ready to be signed and exchanged.”
“The Home Information Pack will remove uncertainty between offer and exchange as buyers will no longer be required to wait for searches, surveys and important data on the property that can often take several days to collect. This would have all been finalised before the property was put on the market.”