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
The
following APR relates to the above products only.
THE OVERALL COST FOR COMPARISON IS :-
8.9%
APR
The actual rate available will depend upon your
circumstances ask for a personalised illustration. |
