Roll out of HIPs a positive move for homebuyers
January 7, 2008
According to conveyance group LMS the recent roll out of Home Information Packs to all residential properties being marketed for sale in England and Wales is a positive move for homebuyers. The group has been urging the government to end confusion over HIPs by getting them rolled out to all size properties as quickly as possible, and is pleased that this has now been done.
According to officials from LMS HIPs will enable homebuyers to benefit from greater client relationships, greater transparency, minimal delays, and quicker exchanges. The company also said that estate agents are likely to benefit from the roll out of HIPs because potential buyers are less likely to come across unforeseen problems further down the line and back out of a sale because they will already have seen much of the information in the HIP.
One LMS official stated: “Hopefully, this move will clarify much of the confusion that has clouded the introduction of HIPs so far, and should begin to resolve the industry conflict that has hindered their positive impact on the market. The industry needs to acknowledge the positive benefits that this new law has introduced.”
He added: “Once property buyers and sellers understand what HIPs include, and the benefits that they will introduce within the home buying process, we are confident that today will be seen as a landmark and the start of positive reform for the UK housing market.”
However, the Association of Home Information Pack Providers wants to see improvements to the scheme, with one official stating: “For HIPs to fully inform potential buyers about properties they are viewing, it is vital that a Home Condition Report is made a mandatory part of the pack, and that many of the searches which provide information on flooding, ground movement and contamination are included.”
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