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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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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
There may be a fee for introducing business, the precise amount of the fee will depend upon your circumstances and be confirmed in writing.
We do not offer regulated mortgage advice and are not authorised by the
Financial Services Authority who do not regulate some aspects of commercial finance, personal finances, buy to let and overseas property lending.

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MortgageHome.co.uk is a trading style of Amicable Mortgage Services Ltd, 32 Twyford Avenue, Southampton, Hampshire, UK, SO15 5NP
Registered office 5 New Broadway, Hampton Hill, Hampton, Middlesex, TW12 1JG, registered in England No4470987
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