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Home Information Pack Fees

 

This is unfortunately a grey area at the moment.

 

No fee has been decided upon but the likely bracket will be between £600-800 depending area and the size of the property or extent of information needed to cover the regulatory requirements.


The Government has tried to emphasise that:

  • The costs are not necessarily additional expenses, as most of the changes involve doing the same things as in the current process but the benefit is that the flow of information will be more  efficient and will complete at an earlier stage.

  • The Home Information Pack will transfer responsibility for obtaining local searches and a home condition report from the buyer to the seller. But, since the vast majority of sellers are also buyers these costs would usually be balanced by corresponding savings and benefits.

  • Most sellers will not have to pay up front for the pack, so HIPs should not effect the volumes of properties coming onto the market.

  • Market forces will keep prices low for consumers and those who are pricing Home Condition Reports and Home Information Packs at a premium will lose out to those who don’t.

  • Another factor is that at least £350 million is wasted each year by consumers on aborted transactions under the current process. The Home Information Pack will reduce substantially the number of failed transactions and hence these wasted costs.

 

Read HIPS related news

 

 

* THIS SITE IS FOR INFORMATION PURPOSES ONLY *

 

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