Whilst scrapping the requirement for a formal Home Information Pack which was introduced in 2007 the Government are retaining the requirement for an Energy Performance Certificate which ranks the energy efficiency of a home. This will still need to be produced by a seller within 28 days of putting a home on the market but it is expected that the cost of producing this will be substantially less than the cost of a Home Information Pack, which since 2007 has been the burden of the seller to produce before a property is marketed.
Commenting upon the announcement Marc Greig , Partner in Rogers
Marc indicated the problem with the HIP was that the information was often compiled many months before a buyer was found and therefore searches were out of date and often had to be duplicated incurring additional expense.
Further the requirement to incur the cost of a HIP before a property was marketed has possibly reduced the amount of sellers who may speculatively place their property on the market in the hope that a sale can be achieved.
It is hoped that the suspension of the Home Information Pack will bring back to the market the speculative seller, hasten the conveyancing process and remove the risk of additional costs. These will hopefully drive forward and stimulate the housing market in what we all know are and indeed have been very difficult times.
For further information on today’s announcement or to discuss any property related matters please contact Marc Greig.
Telephone 01603 675614.
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