Why are HIPs coming our way?
Sunday, December 04, 2005
Around 30 per cent of transactions fall through between offer and exchange, so the current system seems flawed. The lack of information available up front and the delays between offer and exchange are seen as key problems that might be solved by HIPs.
Last week, the Government published its draft regulations for the HIPs, which it claims will cut the overall cost of buying and selling a home. HIPs were introduced in the Housing Act 2004, which became law on November 18 last year. They are the outcome of research across a range of housing markets in Europe. The result confirmed that England and Wales has one of the slowest systems in Europe.
Seller's packs unravelled:
What's in the pack?
Terms of sale
Evidence of title
Copy of lease
Details of service charges
Results of searches
Planning consents on the property
Building control certificates
Seller's information form
Warranties and guarantees
A home condition report
more: Government plans for a seller's pack could damage an already fragile market, TV presenter Kirstie Allsopp tells Caroline McGhie on Telegraph online
Last week, the Government published its draft regulations for the HIPs, which it claims will cut the overall cost of buying and selling a home. HIPs were introduced in the Housing Act 2004, which became law on November 18 last year. They are the outcome of research across a range of housing markets in Europe. The result confirmed that England and Wales has one of the slowest systems in Europe.
Seller's packs unravelled:
What's in the pack?
Terms of sale
Evidence of title
Copy of lease
Details of service charges
Results of searches
Planning consents on the property
Building control certificates
Seller's information form
Warranties and guarantees
A home condition report
more: Government plans for a seller's pack could damage an already fragile market, TV presenter Kirstie Allsopp tells Caroline McGhie on Telegraph online
