Home Information Packs (HIPs)
The concept of HIPS was first aired by the Government in 1998, the aim purportedly being to make "gazumping" a thing of the past and speed up the home-buying process.
The Government has now produced draft regulations and has stated that HIPs will become compulsory from 1st June 2007. Having said this, the Government is, however, clearly experiencing considerable difficulties.
Not only has it only been able to produce draft regulations up to now, but there is considerable concern from various quarters as to what will be acceptable to mortgage lenders. Furthermore, will there be sufficient Home Condition Inspectors to prepare the Home Condition Reports, which are going to have to be prepared,at the cost of the seller, before a property can be marketed?
We at Hart Brown are gearing ourselves up now so that we will be able to assist sellers to sell their properties under the new regime. We have decided that we will be HIP providers and that this will be part of our conveyancing service.
The advantages of this from a seller’s point of view are considerable. On account of our expertise and IT skills, not only will we be able to provide a HIP quickly – which will mean that a seller can market a property at the earliest opportunity – but there will be a personal service and no middle man.
There is no merit in a seller appointing a HIP provider which is not well placed to provide the personal and quality service, for the remaining and important parts of the conveyancing process, which our clients are accustomed to and are entitled to expect.
We are in discussions with many of the local independent estate agents. It is quite clear from those discussions that keeping matters simple and under our control will benefit sellers and ensure the continued availability of a seamless, quality professional service. We intend to continue our discussions over the next few months and will keep our clients fully updated on progress through our website.
For further information contact David Knapp,
Partner, Head of Residential Property on 01483 887766.