From
2007, the new Home Information Pack (HIP) will make it
easier for people to buy and sell homes in England and
Wales.
Included in the pack will be our Energy Performance Certificate showing the energy usage of the property and its environmental
performance. Helpful ideas on how to improve this performance
is also included.
A Home Condition Report can also be added
to the HIP which will provide sellers and buyers for the first
time with a
clear picture of the condition of the property before negotiations
begin.
The current home buying and selling process is slow,
wasteful, and stressful. More than 1 in 4 transactions currently
fails
between offer acceptance and exchange of contracts.
Of these,
more than two-fifths fail because of survey or valuation
inspection findings. And, since only around one
in five buyers commission a survey, many people are hit with
unexpected repair costs after the sale goes through. (Research
from "The key to easier home buying and selling",
December 1998.)
Under the recent Housing Act, home-owners
(or their selling agents) will have to produce a Home Information
Pack when
marketing a home for sale. The pack will contain a number
of documents, such as replies to standard searches, which
will help make the buying and selling process clearer, easier
and speedier.
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