Home Information Packs

UK Home Buyer's Information

In 1998 29% of offers made on properties accepted by vendors failed to proceed to completion. The average cost of a failed transaction is about £900. Shared between the buyer (£680) and the seller (£226). The cost was mainly due to conveyancing fees, mortgage valuation fees and survey fees.

Under the current system in England and Wales the period between the acceptance of an offer and the exchange of contracts is too long an open to a high rate of transaction failure. This is the view of the Government who are currently considering the contents of the Home Information Pack (HIP).

The main objective is to make the process more transparent through requiring key information to be made available when the property is first put on the market . the pack could include: evidence of title, terms of sale, replies to standard pre-contract enquiries, standard local searches, copies of any planning consents, a home condition report including an energy efficiency assessment, and, where appropriate, copies of the lease and other documents relevant to a leasehold sale.

For new properties it would include copies of warranties and guarantees.

For leasehold properties it would include a copy of the lease, recent service charge accounts and receipts, building insurance policy details and payment receipts.

Sellers would need to pay for these packs and it is expected to cost between £600 - £1,000. This will save time wasting and the cost is expected to be recouped when the seller becomes a buyer also.

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