Home information packs - 17/07/2006
Home Information Packs in the news again
Pensioners need free financial advice - July News - Interest rate rise could mean mortgage disaster
The Home Information Packs or HIPs have come under scrutiny again, this time by the Conservative Party who will be using an Opposition Day debate held in the House of Commons to show their concern for the packs which will cost home owners as much as £1000.
The packs are due to start next June and have already attracted a great deal of interest with many commentators questioning the validity and fairness of the packs. Some feel they will speed up the sales process whilst others site the fact that many mortgage lenders will still require an independent survey to be carried out if the mortgage is above a certain amount and so the pack will be useless.
The pack is to include a local authority search, title deeds and a report on the condition of the property.
The Government believes that the pack will stop the likelihood of gazumping and aborted transactions, although another study showed that most home purchases fell through for reasons that could not be dealt with by investing in a HIP, such as personal circumstances changing.
Pensioners need free financial advice - July News - Interest rate rise could mean mortgage disaster
