Property Rescue Blog

In the current property market sales are slow.  Beleaguered buyers are less than keen on the introduction of new policies that might slow down the sale or make it even more expensive than it is already…and understandably so.  The advent of Home Information Packs places an obligation on the seller to provide certain information ready for anyone who might want to buy their property, but how onerous is that obligation and is it likely to quicken or elongate property purchases?

Home Information Packs, or HIPs as they have become known, were introduced gradually from 1 August last year.  As from 14 December 2007 every home in England and Wales needs a HIP, unless that home meets certain exceptions.  In brief, these are:

• Accommodation that is used for holiday lets at least 11 months a year.  But the accommodation must be restricted to holiday use by planning regulations – the owners’ intentions on property use are not enough.
• Accommodation or land that is sold as a ‘mixed sale’, i.e. part of another sale.  This is a complicated ruling but might, for example, apply to farms where barns, sheds or outbuildings are considered part of the lot for sale.
• Park homes.
• New builds.
• Properties about to be demolished (where planning permission to demolish has been granted) and properties considered as unsafe to enter.
• Properties for sale without vacant possession, i.e. with a tenant in situ.

This is only a basic list and you are advised to consult an estate agent or solicitor to find out the details for your own situation.  Most homes for sale do need a HIP if they are to be sold on the open market; the cost of preparation can range from a few hundred pounds upwards.

Commentators have yet to agree on whether HIPs are worthwhile.  Some are holding to the opinion that the information provided in a HIP is unlikely to be of much use should the sale take several months to conclude.  However, potential buyers are able to see the HIP at an early stage in negotiations and at least they have the opportunity to take note of any factors that might stop them going ahead.  There is some evidence that the necessity to prepare a HIP is holding back home owners from putting their property on the market.  In overall terms the HIP is a relatively small part of the ‘moving house’ budget, so one could draw the conclusion that deterring the less than serious vendor is no bad thing.

Forecasters say the market is unlikely to pick up over the next few months.  For some, the delay is frustrating but little more than inconvenient.  But for others, delays can mean splitting up their family or risking financial meltdown.  If you find yourself in this situation call Property Rescue.  They guarantee to make an offer for your home whatever its condition or location.  Best of all, selling privately to Property Rescue means you don’t need to prepare a HIP…hooray!

For more information on selling your home fast call Property Rescue in complete confidence.  There is no obligation to proceed and no pressure will be put on you if you feel their offer isn’t what you want.