|Time is Of the Essence with Regard to Government’s H.I.P.s Scheme|
“Sell now before chaos ensues” advises Chiswick Agent Faron Sutaria
The government’s initiative to introduce Home Information Packs (HIPs) has been met with trepidation from vendors, buyers and estate agents alike.
Estate Agent Christine Fox of Chiswick’s Faron Sutaria said “Inevitably the advent of the H.I.P.S scheme will impact the property market.”
She continued “The government did a huge u-turn in terms of what will be included in the pack but it is still determined that every homeowner will have to pay for and produce an energy report for their home.
“The confusion surrounding the introduction of an energy report for every single householder will lead to buyers and sellers being unsure of what the new regulations mean to them and will probably cause a short term hiatus in the market.”
“If you do want to sell this year, better to do it before the summer and be moved into your new home before the chaos ensues.” She added.
The idea is that Home Information Packs will speed up the home buying process by making sure the seller has information about their property ready before starting to market the property for sale. This means that under Part 5 of the Housing Act 2004 a legal responsibility will fall on the person selling the property (the vendor) or their marketing agent to ensure all relevant documents are ready to present to prospective buyers on request.
Each pack is likely to include the following documents, most of which are currently provided later in the sale:
• a copy of the lease
April 5, 2007