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It’s Not All Bad News For Hips

As anticipated by many, the rules regarding Home Information pack (HIPS) changed at the last hour, resulting in more criticism for the controversial scheme. However at Rock we are encouraging home buyers and sellers to look at the positive aspects of HIPS.

Beverley Loggia at the firm comments: "With the rules being relaxed and delayed, people are panicking less about HIPS however for those who are still affected the feelings are still largely negative.

"HIPS may have been badly introduced, badly marketed and badly prepared for but there are still many benefits to the packs. Firstly the introduction of the pack will help stop timewasters and reluctant vendors. Currently it is too easy to put your property on the market with no real intention of selling. Gazumping is part of the problem but so are vendors changing their mind at the eleventh hour, quite often after potential purchasers have already spent money on surveys and legal fees. Now a vendor whose property falls under the HIPS criteria has to be serious about selling, because it will cost them money to start the process off.

"HIPS will also reduce the timeframe between ‘offer accepted’ and ‘exchange of contracts’, as much of the legal work is done upfront.

"On leasehold purchases Estate Agents can be too vague on the details covering the remaining lease term, maintenance costs and service charges. With a HIP all this information will be up front.

"All in all HIPS will reduce hassle, cut down the timewasters and minimize gazumping."
HIPS were due to be introduced on June 1 for all homes however now only properties with four or more bedrooms will require a HIP from August 1.

Rock can provide fully independent HIPS, as opposed to Estate Agent HIPS which may tie the customer to using the agents other services.

For more information contact Rock on 020 8939 8300.