Home Information Pack could cost £1,000
Posted: 20 Jun 2006 10:29:56 GMT
It is now less than a year until Home Information Packs (Hips) become mandatory, but a new poll has found that costs could prove problematic.
A Conveyancing Review readers' poll suggests that Hips could cost more than £1,000 and critics have already expressed reservations about the impact this could have on the property market.
Only five per cent of the respondents said that Hips will cost less than £650, while 34.6 per cent are expecting the price to exceed £1,000. Around 53 per cent are expecting the price to be somewhere between £850 and £1,000, but experts are still awaiting details on this matter.
Everybody who wishes to sell residential property in England and Wales will have to purchase a Hip from June 1st 2007 and the government is hoping that this will lead to a notable reduction in the number of property transactions that break down.
Sceptics argue that Hips will instead lead to a reduction in the number of sellers on the market, as many people are put off by the prospect of forking out extra money for the privilege of selling.
It is a situation that could further enhance the reputation of selling properties privately online, as sellers look to avoid the extra money paid out to estate agents in commission.