Introduction to Home Information Packs
Buying and selling a property doesn’t always go according to plan. Currently, one in four transactions collapse before contracts are exchanged and one million pounds a day is wasted, mainly due to transactions failing at a late stage. In reality 9 out of 10 people say they’re dissatisfied with the current process.
The Home Information Pack is a legal requirement and the document provides important information about a property such as searches, copies of the deeds and information regarding its energy efficiency. Click here for full content of a HIP.
Currently, much of this essential information only comes to light when an offer has been made and accepted. In the meantime, buyers are negotiating in the dark and are often wasting money on legal fees and searches.
Providing this information up front, at the time of marketing a property, will make the home buying and selling process more efficient and transparent.
From 1 August 2007, all home owners in England and Wales will need to prepare a Home Information Pack before putting their home up for sale.