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What is a HIP - Key Facts
The current home buying and selling process
Home Information Packs will be mandatory from 1st August 2007 and will include Energy Performance Certificates, searches and other legal documents. The Home Condition Report will remain part of the Pack, but as an authorised (optional) document rather than a required (compulsory) item.
- Currently, millions of pounds a week are wasted on failed transactions – and buyers often spend hundreds of pounds on valuations, legal advice and searches as part of transactions that ultimately break down. By providing key information at the beginning of the process, Home Information Packs will speed up the process, prevent waste and significantly cut the number of sales that fall through
- The average home owner would save around £300 in fuel bills by making their home more energy efficient
- Our homes account for 27 per cent of the UK’s carbon emissions contributing to global climate change
- Nearly 25 per cent of transactions collapse after terms have been agreed
- Currently only two per cent of buyers have a full structural survey carried out when buying a home
- Most buyers don’t carry out a survey at all, and rely on their lenders’ judgement that the property is sound.
The benefits Home Information Packs bring to consumers
- Improving the process of buying and selling by reducing the number of transaction failures and reducing the time taken between offer and acceptance
- Improving the condition and sustainability of the housing stock by making a positive contribution to the energy efficiency, condition and sustainability of the housing stock. Home buyers and sellers can be sure of the true condition of the property
- A step on the ladder for new generations of home owners through more-affordable entry costs and simpler process for first-time buyers
- Training for the qualification in Home Inspection for those wishing to add the qualification to their existing portfolio, and for those looking to train in a completely new career
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