Good News!!!!! Selling Your Home?

The coalition government has now suspended the requirements of the Home Information Pack (Hips) for anyone selling their home from the 21^st May, although government legislation is required to outlaw them completely.  These packs were paid for by the sellers and contained information on the property, copies of the title and local and drainage searches. The aim was to speed up the conveyancing process by providing as much information as possible to the buyers when properties were first put on the market.

Suspending these packs means that home sellers will be able to proceed with putting their property on the market, without having to pay out as much as £350.00 for the pack.  The burden, however, of paying out for searches that were contained in the pack, will now pass to buyers.

The emergency action to suspend the HIP will bring down the cost of selling a home.  By taking this action, the government hopes to encourage sellers back into the market and to help the market as a whole and the economy recover.