Save hundreds of pounds selling your Chiswick property.
The new coalition government has scrapped Home Information Packs (HIPs) from 21 May 2010.
Commenting on the news, Christian Harper of Chiswick estate agents OliverFinn, pointed out the pros and cons of this decision. "On the plus side for vendors, if there's no sale there's no cost, as they no longer need to shell out hundreds of pounds upfront on a HIP.
"More homeowners will be encouraged to put their homes up for sale just to test the water. "This is good news for buyers struggling to find property to buy In Chiswick. It will also speed things up as you can have your property listed within hours of making a decision."
However, Harper also pointed out the downside: "The livelihoods of up to 10,000 people are directly or indirectly reliant on HIPs. They have spent hundreds of pounds to qualify but now face unemployment.
"Buyers may lose out by having less information at their fingertips when making decisions. The upfront cost of HIPs was an indication of commitment from vendors to move out , so there could be an issue about wasting buyers' time if they are not serious about moving."
Sellers will still be required to get an energy performance certificate (EPC) - showing how energy efficient a property is - within 28 days of putting their home on the market, as this is a requirement under EU law. The cost of these is typically around £60.
The industry has long campaigned for HIPs to be scrapped, arguing that they have failed to benefit home buyers and actively discouraged sellers. The biggest u-turn, one that proved to be the killer blow for HIPs, was the decision not to provide an upfront “home condition report” so that fewer sales would fall through as nasty surprises such as subsidence or rising damp were revealed in the survey.
