Six in ten oblivious to Hips

Posted: 31 May 2006 09:58:36 GMT

            Property News - Six in ten oblivious to Hips

A staggering 64 per cent of homeowners claim that they have never heard of Home Information Packs (Hips).

This comes 12 months before the packs are introduced to the property market and it is a statistic that must surely concern the government.

Research commissioned by the Law Society of England and Wales also found that only a third of those who have heard of Hips are aware that they will contain important legal documents, such as title documents and local searches.

In terms of the reasons for choosing a particular Hip provider, trustworthiness came out on top, while 57 per cent said that they would be likely to trust a solicitor to prepare the pack.

The reason that legal professionals are taking such an interest in the issue is that there will be a £200 fine each day for anybody marketing a property without offering potential buyers a Hip.

Kevin Martin, president of the Law Society, said: "The results show a huge lack of public awareness, and with only 12 months to go there is real cause for concern. A huge campaign is needed to educate homeowners about this massive overhaul to the home-buying process.

"There's a real risk that people will find themselves breaking the law if they market their property without the correct information."

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