The Packs are targeted at reducing the number of abortive transactions resulting from adverse surveys. Statistics show that one million pounds a day is wasted as a result of consumers spending money on valuations, legal advice and searches for house purchases that fail.
Mr. Barnett, founder of Barnetts Solicitors said:
'HIPs create the opportunity to make the whole home buying process more transparent by giving consumers more information up-front and this should significantly reduce the number of sales that fall through.
“The big challenge is to exploit HIPs potential to be the catalyst for streamlining the whole conveyancing process. A fundamental concern is that the consumer is not burdened with additional cost by duplicating the information both a HIP provider and a seller's conveyancer must supply.
“The Regulations make no provision for any legal commentary and it will be fundamental to HIP's success to ensure that any detail provided is informative rather than confusing for the consumer.
“To achieve the goal of streamlining the whole experience for the consumer there needs to be a synergy between the provision of a HIP to a buyer and the resulting conveyancing transaction process.
“The forthcoming consultation period provides an opportunity to fine tune these aspects.
Consumer groups have long campaigned for compulsory home information packs and their desire to speed up the house buying process and revolutionise the industry is a move which should be welcomed across the board.”
