HIPs Happening!

Pudsey Times - 12th April 2007

What is a HIP?  This is likely to be the most asked question by anyone contemplating buying or selling a property in England and Wales in the coming weeks.  The general public appear to be largely ignorant of the fact that the Government is making the provision of a Home Information Pack compulsory with effect from the 1st June for almost all residential property sales in England and Wales.

The Home Information Pack will include details of the seller, whether the property is leasehold or freehold, proof of ownership, a local search (or proof that one has been applied for) and an Energy Performance Certificate giving details of the property’s ‘green’ credentials. 

At Manning Stainton we can see several advantages in the pack in terms of clarifying ownership details at the outset, having a local search available to buyers at a much earlier stage in the transaction and helping to reduce CO2 emissions.  Through a detailed long term planning process it should be business at usual at Manning Stainton on the 1st June when the house buying process sees it biggest ever change. 

What does it mean to the average house seller? 

It is likely that the cost of moving house will increase by as much as £500 for the average house seller.  It will result in some savings to a property buyer so anybody buying and selling will probably end up largely neutral. 

The most significant change is that, at least in the short term, sellers of property will loose the ‘no sale – no charge‘ environment which they have enjoyed for many years as they are faced with a bill for the provision of the Home Information Pack whether they sell or not.  This will certainly make the initial choice of estate agent even more important as less effective agents are more likely to leave prospective sellers with a bill even though they have not moved house! 

If you are contemplating a move in 2007 why not beat the rush and give us a call to arrange your free Market Appraisal.  Do not worry if you have not found a property to buy!  There are sure to be plenty coming onto the market between now and the 31st May. 

David Pank
Sales & Marketing Director
Manning Stainton