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Home Informations Packs ( HIPs ) - Who will benefit?

The new 'Home Information Packs' ( HIPs ) look set to be a ( life insurance policies ) cost for buyer and seller and a source of income for government - or is that undue pessimism?

Author: Richard Norfolk

Mortgages. First time buyers let down by the governments Homebuy scheme.
At this stage, the Governments Homebuy mortgage scheme for firsttime buyers seems a waste of time. This article explains why.
Buy to let – a change for the better
Do you own a buy-to-let property? There are some proposed new rules regarding tenancy agreements. Find out more. Buy to let – a change for the better
Mortgages. The pitfall of Interest Only mortgages.
Interest Only mortgages have become increasingly popular. Why, and what are the concerns?
Mortgages and Loans. Islamic finance avoids interest.
Muslims are forbidden by the teachings of the Koran to pay interest. This means that conventional mortgages and loans cannot be used. This article explains the alternatives available for Muslims and defines some of the words used in Islamic finance.
Mortgages. Watch out for add-on charges.
Mortgage lenders use headline interest rates to attract borrowers. But behind the scenes they're introducing a whole raft of add on charges. This article explains.
Best mortgage deal UK, put your best foot forward!
You'll have to shop around to get the best mortgage deal. This article advocates Ask, Ask, Ask and don't be shy!

The time is drawing ever nearer when Home Information Packs will be a legal requirement for house sales, initiated and paid for by the seller. With costs variously estimated to be from a ( cheap life insurance ) low of £500 to a high of £1200 it can be seen that 'facts' are somewhat scarce. What is certain however is that from 1 st June 2007, the additional funds necessary to provide this pack for any and every house sale attempt will make many potential sellers think twice before committing their property to the market.

Note the words 'sale attempt' - failure to sell the house will not result in a refund of these costs. The ( insurance ) house inspector will have done his job and been paid, and the government will have taken their cut in the form of VAT, so it will be 'sorry folks - no money can be returned'. Try again later? Certainly, but in the increased 'Snakes and Ladders' format of house sales you have gone back to the beginning and must start the whole process from square one.

The 'life' of a pack will be three months (subject to a provision if the house is ( loans ) off the market for sales negotiations); after this period a new up-dated pack will be required. Under these circumstances the speculative sellers who are testing the market will disappear rather than face this new cost; they are likely to decide to stay out of the market. This loss of a seller also means loss of a buyer, and there is concern in some circles that this could reduce labour mobility. Home owners may be reluctant to move to a new job if it means the additional hassle of moving house, with a consequent increase in unemployment.

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