Benefits of Hips
Before the introduction of HIPs, it was reported that nine out of ten consumers were dissatisfied with the previous property system, with almost 30% of transactions failing after an offer had been accepted.
One of the most common complaints was that vital information only became available to buyers after terms had been negotiated and agreed. Consequently, problems that arose with the property were only revealed several weeks into the transaction, by which time both parties may have been invested significantly in legal fees and surveys.
The Government believe that by revealing this information early in the transaction then buyers can make a more informed decision on the property, avoiding potential delays and reducing expenditure. The real financial benefit is for both buyers and seller, with the saving of hundreds of millions of pounds in wasted costs which arise from failed transactions.
The key difference since the introduction of HIPs is that the responsibility has now moved from the buyer to the seller.
Quick Search
My Shortlist
Empty
News
17 March 2010
Repossession figures continue to fall
15 March 2010
UK’s most expensive street sees price rise
12 March 2010
Buyer and seller balance experiences shift
