Which
Mortgage
HIPs
From
01/06/07 in the UK the seller's home information pack
will be made legally binding so that anyone wishing to
sell a property to the general public will have to have
available, in order to supply to a potential buyer.
However
the government have now delayed this date until further
consultation, getting this right is crucial as in an extreme
situation there are fears it could damage the housing
market especially in an environment of raising interest
rates.
The
pack holds information regarding different aspects of
the property. The aim of the new requirement is to speed
up the slow house buying process and to reduce the amount
of sellers who withdraw their properties from the market
because they are not serious about selling. This would
potentially reduce buyers' unnecessary costs and frustration.
The aim is to increase transparency. However some people
are concerned this could upset the housing market stability.
The
pack contains required compulsory documents and also optional
information to help the buyer. Packs maybe available even
if certain documents are not currently available but pending
within 28 days of marketing the property.
Packs
should include the properties energy efficiency rating,
terms of the sale, title, condition report, standard searches,
leasehold information and index of contents
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