Home information packs HIP's?
So HIP's are to be extended to cover three bedroom houses, just another hike in property prices. What will invariably happen is 1) the current owner will simply add the cost of the HIP to the sale price or 2) say to the buyer you want the place you pay for the cost ot the HIP, In any event it will simply list various items which will be quite obvious to the purchaser, What a complete waste, dreamt up by a certain MP who has had more jobs than "Del Boy" the whole scheme should be scrapped
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I agree with the Q .. they will do nothing to speed up the process since the people that matter, the money lenders and the purchaser themselves will not trust or rely upon the packs contents and what is compulsory in the packs is next to useless. Any purchaser who thinks the vendor will not try to recoup the cost is, I'm sorry, deluding themselves. I do not need anybody to ask me what my total energy bills are per year, calculate my living floor space and divide one set of figures into another to tell me an energy cost per sq. mtre. I do not need any one to tell me as a vendor or purchaser that I can save money with extra loft insulation or low energy light bulbs, especially as I can borrow the bulbs whilst the energy inspector visits and remove them when they have worked out their figures. If I want to buy a house any estate agent will tell you, the first three important things are, location, location, location. If the Govt. or anybody for that matter, wants to speed up the selling/ buying process there are already ways of doing it, firstly buy and sell at auctiuon - at the fall of the hammer it's a binding contract. Adopt the Canadian system - once a deposit is paid and accepted it is a binding deal with completion to follow subject to finalising outstanding matters set out at the time of offer and acceptance. Third option - enter into a binding contract of an option to purchase with the purchase option stipulating those things that need to be sorted and if / when done exercise the right to purchase. How many three bedroomed houses will now be offered on the market as ' 2 bedroomed house with 3rd box room, currently being used as ( take your pick from study, nursery, guest room etc. ) - no HIP needed.
Edit 1. It will not in itseld stop 'gazumping', anyone can offer, and accept, a higher price right up until the exchange of contract.
It does not make any transaction more transparent as a HIP does not include, nor does it have to include, all the information a purchaser might need, and will need and obtain from their own solicitor during the purchasing process.
It's not meant to pass the cost on, it's to stop 'gazumping' and speed up the process, previously each interested party had to wait while they did the relevant searches etc, now they are already done by the time you view the property.
Its not about the cost. Its about buyers being able to view all the relevant information upfront making thw whole process more transparent.
Records seen to indicate that thousands of people wasted over UK£300 million last year, when their deals fell through. That represented about 500,000 disappointed and out of pocket people.
I can understand all the Surveyors being upset at the loss of income - but some, probably most, made indecent sums of money surveying and resurveying the same properties for different customers. This will now go.
this is not a question! appears to be just a summary of your opinion ... With which, actually, I agree.
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