Home Information Packs: Bad for buyers, bad for sellers

From 1 June 2007, every UK homeowner wishing to put their property on the market will be legally required to obtain Home Information Packs (HIPs) before attempting to sell their property. The Home Information Pack is made up of several documents - some compulsory, others optional – that could cost up to £1 000 to assemble.

The theory behind this new legislation is that it will improve the property market by creating a new level of transparency in the selling and buying process. However, the complexity and cost involved in obtaining Home Information Packs is leading many people – including homeowners and industry professionals – to question whether this new system isn’t bound to create more problems than it will solve.

While this theoretical transparency may solve some buyers’ legitimate worries, there is an increasing consensus in most sectors of the property industry that HIPs will simply further increase the complexity an already cumbersome system, discourage people from selling their houses and slow down property growth. Not to mention the increased stress it will create for sellers, who will have to jump through yet more hoops in order to sell their home!

MPG offers a hassle-free, fast home sale solution

The bottom line is that, in order to obtain the obligatory HIP, homeowners are going to have to part with up to £1 000 before they even begin the home selling process. For prospective home sellers already battling financial strife, this is clearly not an option.

Another question many UK home sellers are asking is whether these packs offer any real benefits for homebuyers. Many people can remember the rumblings in the press when this legislation was first tabled – what good does the HIP actually do? After all, Home Information Packs don’t solve any of the significant problems involved in home buying: They don’t deal with gazumping, broken chains, compulsory valuations from mortgage companies or any of the other stresses and strains caused by an archaic, slow-moving system.

In fact, homebuyers may also suffer financially as a result of HIPs, due to a dwindling of choice and increased prices as sellers seek to compensate themselves for their outlay.

For all frustrated home sellers who want to sell fast and without the hassle of an HIP, there is an answer: Sell to MPG, and you won’t need a Home Information Pack!

MPG: The fastest route to a quick sale

As a professional, UK property buying company, we purchase homes in any condition and in any location. We will make you a guaranteed cash offer for you home, whatever kind of property you have, and we can complete the transaction in as little as 7 days. Most importantly, because we are not an end-user, we do not need you to have an HIP in order to sell to us – you can have cash for your home within a week!

Our home sale solution is totally transparent and fee free: Sell to us and there are no valuation fees, no legal fees (if you use our recommended solicitor) and no agent’s fee. Furthermore, there are no mortgage brokers, mortgage companies or estate agents to deal with, so you can avoid home viewings, renovations, gazumping, chain-breaking and tardy solicitors – and you won’t have to wait for months for the right buyer. Best of all, sellers won’t need Home Information Packs, and thus won’t incur any additional fees!

Our fast home sale solution is simple: We buy property for cash in 7 days – no fees, no fuss, and no HIPs.

Contact MPG Investments today on
0800 634 9231 to sell your home fast – and avoid the hassle and expense of obtaining Home Information Packs.