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HIPs? - Wot they?
The full launch of Home Information Packs HIPs is only 100 days away. But Stephen Smith, Director of Housing at Legal & General, makes the point that the whilst Government has been conducting area trials of HIPs since November last year and the packs will become mandatory from June 1st 2007 a change in policy in July last year has led to the mandatory content of the HIP being reduced. Hence, sellers will no longer need to include a Home Condition Report HCR.
"We are predicting that the take-up of optional items within the packs will vary greatly across the country. This may lead to consumer confusion and will not have the desired effect of combating the common delays and failures in the home buying and selling process," says Smith.
Smith adds that the Home Condition Report HCR was seen by many as a crucial element of the HIPs because buyers had the chance to see, up front, the state of the property before they made an offer, rather than finding out further down the track and potentially withdrawing or stalling. Now that this report will be optional, it will be interesting to see how many sellers are prepared to pay for one.
Some packs will have an HCR in them simply because the seller believes it will make the sale of their property go more smoothly. However, cost will be an important factor, and as a proportion of the total cost of the house move, will vary on a regional basis. "Some people, particularly in areas of low house prices, may want to get away with the bare minimum expenditure," Smith notes.
From a buyer's point of view, adds Smith, house-hunters may feel that a pack without an HCR is incomplete or that the seller has something to hide. They therefore may wish to commission their own report - either a full building survey or some form of homebuyer's report.
Meanwhile, the increased use by lenders of Automatic Valuation Models which give an indication of property value without having to send a valuer to assess the property may also prompt buyers to seek independent advice for their peace of mind.
Moneyextra.com recommends you take independent financial advice before acting on any article
Back2007-02-21 10:32:38 © Moneyextra.com
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