On June 1st this year, Home Information Packs will become mandatory as part of the house sale process, but the new legislation has been widely criticised by the housing industry and now in the Lords, from a report by Reuters (London).
HIPS are designed to shift part of the burden of provision of proof of suitability of a residential property from the buyer to the seller, containing information and reports including energy efficiency and optional home condition reports. The government believe that the introduction of the new legislation will both dramatically reduce the number of house sales that fall through and all of the costs associated with them currently borne by the buyer in the chain and at the same time, stimulate innovation in the market generally.
With widespread condemnation of the scheme from industry professionals and commentators alike, it remains to be seen whether they will be warmly accepted by the public who will ultimately be the ones to decide their fate. Many experts believe that their introduction may significantly slow the housing market and in turn, put the wider economy into reverse. Equally, many estate agents, conveyancors and solicitors who depend on the housing market to provide their income may find themselves in severe difficulties if the slowdown actually takes place. We will watch with interest!
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Great golfing quotes...
"You can make a lot of money in this game. Just ask my ex -wives. Both of them are so rich that neither of their husbands work." -- Lee Trevino
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