With HIPs set to launch in June 2007, AHIPPs said the packs, in conjunction with voluntary Home Condition Reports (HCRs), would improve the house purchasing process and put an end to any ‘cracks’ in the system. Mike Ockenden, director-general at AHIPP, said: “A huge number of transactions balance tentatively, their fate resting on the purchaser next in line. When someone is forced to pull out, the whole chain can collapse resulting in lost money and time for buyers, sellers and estate agents.
“Sellers are left desperately scrabbling to get their property back on the market to achieve another sale as quickly as possible. The HIP, in conjunction with the HCR, will greatly help to ease this problem, with sellers able to get another buyer on board faster than ever before with timely surveys and searches already completed.
“The introduction of the packs will allow buyers to obtain vital information, in particular the HCR, ahead of making an offer on a property and, as a result, this will speed up the process and reduce the number of failed transactions.”
However, a broker, who wished to remain anonymous, cast doubts on the packs’ ability to help the house buying and selling process. He said: “As a mortgage intermediary and estate agent I can assure these so -called providers that the reason why property sales break down is generally because the legal formalities take too long. There is no reason why a sale cannot be exchanged and completed within six weeks.
“I find it very difficult to believe that the information pack providers still think they have a future or presume their systems will speed up the house buying process.”
