Home Information Packs

This means the work of finding out about the property (such as conducting local authority searches, ensuring there is good title, defining what fixtures and fittings are included in the sale etc.) which presently falls to the prospective purchaser will, under the new system, have to be done by the seller, at the sellers cost. The pack will thus contain a host of information about the property, most of which is provided under the current system, but which comes later in the process.

The pack will include:

• A sale statement describing the property
• Details of fixtures and fittings included/excluded in the sale
• Copies of deeds from the Land Registry proving the sellers ownership
• Replies to standard searches such as local authority
• Warranties and guarantees for any building work
• A Home Condition report (similar to a survey)

In addition, for leasehold properties the packs will include:

• A copy of the lease
• Up-to-date service charge accounts
• Information about any current or planned work
• Any regulations made by the landlord or management company

The reason for the introduction of HIPs is stated to be that they will speed up the whole buying/selling process, by putting all necessary information in the hands of the potential buyer before an offer is made. It is also claimed that the prevention of delays will help to eliminate the practice of gazumping.

There is much controversy raging in the pre-introduction stage. However, the introduction of the new system is now bound to go ahead and the Government is promising a "dry run" in 2006.

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