Home Information Packs (HIPs) may create buying opportunity for buy to let investors
21st June 2006
Home Information Packs (HIPs) will become law in England and Wales on 1st June 2007, writes David Lawrenson.
The system is being changed because with the existing house purchase process the really useful information, such as legal facts, only some to light weeks after an offer has been accepted and, if problems are revealed then, it often results in the buyer withdrawing - usually hundreds of pounds worse off after legal and survey fees.
Obviously, this is all bad news for the seller too, especially if they are in a chain, as they may as a result lose the opportunity to buy their own house if their buyer pulls out late.
According to the government approximately 30% of house sales fall through each year.
When HIPs come into force next year all sellers in England and Wales will have to provide one to potential buyers, and it will be an offence to market a property without one.
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