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Date Set for HIPs
Date: 23/11/2005
Front Page - Home buyer's Guide, Daily Echo
Local agents have been quick to respond to the news that the use of Home Information Packas will be compulsory from June 1 2007.
The packs will have to be provided by home sellers in England and Wales before they put their homes on the market. Estimates for the cost of these packs vary from £600 to £1000, but the Government believes this will speed up the moving process and reduce the number of sales that fall through.
Joe Kenny from Fox & Sons in Bournemouth said: "The new packs will mean all information such as local searches, terms and warranties will be available up-front, so when an offer is accepted you can move much more quickly to exchange of contracts.
"Sellers needn't worry about the cost," he continued. "In most cases it will be deducted from the proceeds of the sale, and as many will also be buying a home too, they won't have to pay for an HIP on the home they purchase."
"People selling now or thinking of selling next year won't be affected, but the date is only just over 18 months away and people need to be aware of how this will work so it's not a shock to the system. People can call into our office for more information."
James Scollard, Managing Director of Clifftons in Bournemouth adds: "We have known it was coming for some time. There were doubts in some quarters regarding the start date, and even whether the regulations would proceed at all.
"The doubt has now gone, and it is imperative that the residential property market starts to prepare itself for what will undoubtedly be a period of change and potential upheaval.
"We will be able to provide a fully comprehensive HIP with no up-front costs to clients and will offer this service voluntarily from next year."
Peter Bolton King, chief executive of the National Association of Estate Agents (NAEA) has reservations about HIPs, but is keen to make their introduction as smooth as possible.
During a visit to the Bournemouth & Dorset branch of the NAEA last week he told members: "Alongside the cost and restrictions the HIP will place on sellers, its introduction could significantly slow down the marketing process which, in turn, could impact on the entire property market.
"I will be looking at how we can help people prepare for HIPs."
-End-
Front Page - Home buyer's Guide, Daily Echo
Local agents have been quick to respond to the news that the use of Home Information Packas will be compulsory from June 1 2007.
The packs will have to be provided by home sellers in England and Wales before they put their homes on the market. Estimates for the cost of these packs vary from £600 to £1000, but the Government believes this will speed up the moving process and reduce the number of sales that fall through.
Joe Kenny from Fox & Sons in Bournemouth said: "The new packs will mean all information such as local searches, terms and warranties will be available up-front, so when an offer is accepted you can move much more quickly to exchange of contracts.
"Sellers needn't worry about the cost," he continued. "In most cases it will be deducted from the proceeds of the sale, and as many will also be buying a home too, they won't have to pay for an HIP on the home they purchase."
"People selling now or thinking of selling next year won't be affected, but the date is only just over 18 months away and people need to be aware of how this will work so it's not a shock to the system. People can call into our office for more information."
James Scollard, Managing Director of Clifftons in Bournemouth adds: "We have known it was coming for some time. There were doubts in some quarters regarding the start date, and even whether the regulations would proceed at all.
"The doubt has now gone, and it is imperative that the residential property market starts to prepare itself for what will undoubtedly be a period of change and potential upheaval.
"We will be able to provide a fully comprehensive HIP with no up-front costs to clients and will offer this service voluntarily from next year."
Peter Bolton King, chief executive of the National Association of Estate Agents (NAEA) has reservations about HIPs, but is keen to make their introduction as smooth as possible.
During a visit to the Bournemouth & Dorset branch of the NAEA last week he told members: "Alongside the cost and restrictions the HIP will place on sellers, its introduction could significantly slow down the marketing process which, in turn, could impact on the entire property market.
"I will be looking at how we can help people prepare for HIPs."
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