Home buyers packs by June 2007
Homebuyers will be forced to provide more information about their homes in less than two years after the government announced an introductory date for HIPs.
Home Information Packs, which provide the buyer with a valuations and searches, are designed to reduce waste and cut the number of sales falling through and will, the government said today, become mandatory from 1 June 2007.
The HIPs are expected to cost around £600 for the average home and means the cost of teh basic information will be paid just once by the seller rather than by each buyer interested in a property.
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Housing Minister, Yvette Cooper, said, "Too many sales fall through because of delays and late information, wasting money and causing great stress for buyers and sellers, that's why we are introducing the Packs."
It has been estimated that around £1m a day is wasted on failed transactions as buyers spend hundreds on valuations, legal advice and searches that eventually break down.
