Hips to ‘boost first-time buyers’
The introduction of the home information pack (Hip) legislation to all properties will provide a genuine boost to first-time buyers, it was claimed today.
From December 14th anyone selling a home will have to provide a Hip, which should contain standard searches, evidence of title and an energy performance certificate.
As the vendor has to pay for the pack to be put together, a number of residential property experts have predicted the scheme's rollout could cause a further slowdown in the housing market.
However, Lesley Sorridimi of Hip provider HipHiphooray.com insisted that one specific group of mortgage borrowers would benefit.
She explained that first-time buyers currently face a high conveyancing fee, but added: "What the Hip should do is supply them with much of the information that they have had to have collected on their behalf and charged them for."
In addition to reducing the cost of searches, the presence of the Hip should also prevent buyers having to pay a solicitor to find title information, added Ms Sorridimi.
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