Home Information Packs (HIPs) Guide launched by HomeMove

Link: Home Information Packs (HIPs) Guide launched by HomeMove
Filed under: Finance News, Property Market News

HomeMove.co.uk has launched a buyer and sellers guide to Home Information Packs (HIPs), detailing what buyers and sellers should expect after the August 1st deadline.

The guide was published as market chaos followed the government’s changing position on HIPs, postponing them only eight days before their June 1st deadline, and pushing back the launch date to August 1st.

The confusion led to a glut of properties being marketed for sale before the HIPs became compulsory, threatening to overload a property market already impacted by a series of interest rate rises by the Bank of England.

The resulting confusion means that many property buyers and sellers are unaware of what their obligations and expectations should be regarding HIPs - a matter compounded by the fact that apparent fines for non-commissioning a HIP are less than the actual cost of commissioning one.

Although the government has published a site covering HIPs, some users have complained that the information is too spread thin, with people looking for information having to click through at least four pages to read basic information.

According to HomeMove, their own guide should help simplify matters before people read the government website for further clarification.