Home information packs (Hips) will be required for all properties being sold in England and Wales from 14 December, the government has announced.
I have read that these packs could cost up to £1,000 - is this true? This is probably a bit of an overestimate - but you can probably expect to pay £400-£700 for a Hip.
Potential buyers will not have to contribute to the cost of a Hip.
Will the packs make the buying and selling process easier?However, they may want to get their own local authority searches done and mortgage companies will still insist on a proper valuation.
I am buying a property. How much store should I set on the information in the pack? The information will be useful but it may soon be out of date. Your solicitor may well advise that you get your own searches done.
Your mortgage provider may also want fresh property searches.
In other words, they may well disregard Hips.http://news.bbc.co.uk/1/hi/business/7107346.stmMore money for Estate Agents for doing little or nothing, and hips mean nothing at all to lenders, etc.... so you will still have to pay MORE for proper documentation.
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