Home Information Pack latest.
Property lawyers, estate agents, pundits and the public remain bemused by the farcical saga that is the governments Home Information Pack (HIP) legislation. Having geared up for a blanket introduction on 1 June, the property industry now gears down for the limited introduction on 1 August, and Estate agents brace themselves for a flood of instructions to sell 3 bed houses with studies/box rooms/games rooms etc. Many in the property industry cling to the hope that Gordon Brown will promote Yvette Cooper (the Minister who has doggedly plodded on with the legislation in the face of increasing levels of incredulity from all sides) and allow the doomed project to quietly die a death. This, sadly, is an unlikely outcome.
Sellers therfore will need to consider if a HIP is necessary post 1 August. Buyers will need to be aware that even if they purchase with the benefit of a HIP including searches they may still (ludicrously) have to pay for their own searches costing upwards of £200 - because the government has allowed unofficial searches into HIPs which some solicitors and lenders will not accept. Another spurious justification for HIPs is thereby exposed - at the cost of buyers and sellers whose time and money will be wasted.
