100 days until mandatory Hips
February 21, 2007 by admin
Filed under News, News-Mortgages
People considering taking out a mortgage on a home are eagerly awaiting the introduction of a law which makes the provision of Home Information Packs (Hips) mandatory.
It is now just 100 days until the law comes into effect and, although the road to this point has not been smooth, it is hoped that the buying and selling process will be revolutionised.
The Association of Home Information Pack Providers (AHIPP) believes that around £1 million will be saved every day as a result of Hips.
This is due to the extra information meaning that the number of transactions which fail to go through each year should fall.
“Hips are being introduced to help improve the house buying and selling process for all involved – bringing more information about a property to the front of the process, allowing buyers to make more informed decisions,” said Mike Ockenden, director general of AHIPP.
“In the locations where packs are being rolled out already we have received a positive response from industry, with many agents taking the opportunity to ensure they are prepared for when packs become mandatory.”
Hips are due to become mandatory from June 1st 2007, with anyone who intends to sell a property on or after that date required to get a pack before advertising the property.
