Summary:
Ready, steady, go! With just three months to sell your home using the forthcoming and compulsory information pack, you need to get your act together. Here we face the facts.
HIP's - the full story
Home owners will soon have just three months to sell their homes or be forced to re-issue
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Much has been written about the Home Information Packs (HIP's). Here we aim to examine the final details, just released.
From June 2007 it will be compulsory for all sellers to produce a dossier containing certain basic facts regarding the sale of the property. Ministers estimation of the costs of this survey ( cheap secured loans ) are £776, a figure that the experts dispute. They say the figure is much more likely to be £1000. These figures are based on an average semi.
The information given in the dossier includes searches, deeds, description of the property and an energy efficiency rating. However, it appears that there are some rather worrying ( car insurance quotations ) exclusions in the list. For example, there is no reference to rights of access, ground stability, natural subsidence or effects of mining. Risks of flooding are not included; neither is contamination from radon gas or other substances. Telecommunication links seem to have been overlooked too.
Despite this cost to the seller, it appears that if a buyer is borrowing in excess of 80% of the property value, they'll still be expected to commission and pay for valuations.
With regard to the three month time limit on sales, it appears that mortgage lenders will refuse to advance cash to buyers where the HIP is over three months old. ( insurance ) Also, if house is taken off the market for over 28 days within those three months, a new HIP will have to be obtained. Where the reason for the property being off the market for 28 days was connected with a sale, the rule would not apply.
Your home may be repossessed if you do not keep up your repayments on a mortgage or any debt secured on it. Security by way of a charge on your home may be required.
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