Buyers ignore Home Information Packs at their own risk

Various polls reveal that 77% of buyers ignore Home Information Packs (HIP’s) when deciding whether to buy a property. However, requesting a  Home Information Pack can speed up the conveyancing process and lessen the risk of problems occurring later on.

Fridaysmove would recommend that buyers should  ask for the Home Information pack  as soon as they are interested in a property, and take time to read through it ( as opposed to wait to send a copy by their conveyancing solicitor ).

From 6 April 2009, changes were made to Home Information Packs so that more and better information is available from the first day a property is put up for sale as opposed to waiting for it later in the conveyancing transaction. These changes are:

• Introduction of the Property Information Questionnaire (PIQ). The information in a PIQ should help a buyer make more informed decisions when considering making an offer. They can also ensure that the conveyancing process goes smoothly.
• End of the temporary first day marketing exemption. No marketing can take place until a Home Information Pack has been compiled
• All conveyancing searches, whether produced by a local authority or a search company, must be complete. Home Information Pack Providers ( whether they be HIP specialists of conveyancing lawyers ) can no longer cover gaps in the data with insurance

Buyers pass a copy of the Home Information Pack  is passed to their conveyancing solicitor or conveyancing lawyer as soon as possible, so that essential documents, such as the local property searches, are included early in the conveyancing process.

It's worth noting that the majority of sellers are also buyers, so most people will benefit from getting improved conveyancing information at the beginning before any decisions are made or time is wasted.