Why Were Home Information Packs Introduced?
One of the biggest complaints about the present system of buying and selling is that important information about the property only becomes available after terms have been negotiated and agreed. The result is that problems with the property are only revealed weeks into the transaction, by which time both parties may have incurred significant costs in legal fees, searches and surveys.
The aim of the Home Information Pack is to remove much of this uncertainty by providing key information upfront, so that buyers will be able to make a more informed decision, avoiding possible delays.
However the biggest benefit for both buyers and sellers will be the saving of over £350m in fees lost in failed transactions. First-time buyers get an added bonus – they will receive Home Information Packs for ‘free’, making it easier and less expensive for them to get their first foot onto the property ladder.