How Home Information Packs can obstruct your home sale

The impending introduction of compulsory Home Information Packs (HIPs) has been met with disdain and apprehension by the majority of UK homeowners. Whether you’re looking to buy or sell, it seems that HIPs are bound to complicate the process and create unnecessary delays. Listed below are the three primary drawbacks of Home Information Packs, and how each of these shortcomings could hinder your home sale.

1. Time constraints and selling your home

There are many reasons why you might wish to sell your home quickly – at MPG, we specialise in buying property quickly, and as a result have encountered many different reasons for it. We understand how vital it can be to sell quickly, and hence we complete the home buying transaction in as little as 7 days.

Our quick sale solutions aim to settle mortgage arrears and to stop repossession – scenarios in which it is essential to act fast to avoid a bad credit rating that could take years to rectify. A fast home sale can help you move on with your life after divorce, separation or illness, and can also ensure that you aren’t financially crippled when dealing with job relocation or the nightmare of owning two properties at once. Selling your house to MPG will also guarantee that you don’t miss out on your dream property should your sale fall through.

A Home Information Pack is a complex series of documents requiring in-depth assessment and valuation of your property. Now, it won’t only be the mortgage company valuations and solicitor’s searches that entail lengthy processes: As of 1 June 2007, any UK home seller wishing to sell through an estate agent will have to obtain an HIP – which takes even more time, money and patience.

At MPG, we don’t need an HIP, so there is no time constraint when you need a quick sale!

2. Money

Selling a home has always been a costly exercise, but now it’s even more expensive for UK citizens to sell. Once the HIP legislation comes into effect, prospective home sellers will be compelled to fork out up to £1 000 for a Home Information Pack.

This fee covers the cost of basic compulsory documents, but it’s fair to say that the “optional” Home Condition Report will play a crucial role in a potential buyer’s decision to purchase. Thus, this document will become an HIP necessity – and an extra expense – in the foreseeable future.

Therefore, if you opt to make use of an estate agent’s services, you’ll need to add the cost of your HIP to the valuation fee, the estate agent’s fee and your solicitor’s fee. Can you really afford these mounting bills? At MPG, we believe in the “no fee house sale” with free property value assessment, free legal fees (if you use our recommended solicitor), no agent fee and no need for an HIP!

3. Desirability

Certain key documents in the Home Information Pack could create new property problems overnight. At MPG, we’re already happy to buy homes with Section 20 notices, short leases and subsidence. Once HIPs begin to circulate, we could be looking at new classes of property: Those in poor condition and those with a poor energy performance, both requiring the potential buyer to invest a great deal of money.

While poor condition or poor energy performance may not doom your chances of selling, they could delay a sale until you find the right buyer. If you need a quick sale, that could be a delay you simply cannot afford.

MPG Investments purchases houses for cash – regardless of their condition. Even if you’ve been turned down by estate agents, we can help you to sell your house within 7 days.

Contact us today on 0800 634 9231 to find out how we can help you to sell your home fast – without a Home Information Pack.