Tuesday, April 4, 2006
Category:
Property
Leading Welsh building society Principality has declared their support for home information packs (HIPs) which are due to be introduced in June 2007.
Principality welcomed the announcement as "great news", saying that a firm date for their implementation meant the industry could prepare much more effectively.
HIPs are an attempt to minimise problems occurring during the house buying process, which Principality claims costs the UK around £350 million every day.
"HIPs will increase transparency in the housing market and, by speeding up the house buying process, will be good news for both buyers and sellers alike," Principality chief executive Mick McGuire remarked on March 18th 2006.
"Now that the government's timeline is certain, we are able to invest in the systems and the extra home inspectors needed to support this valuable and growing new business."
Old mortgage valuations and house surveys conducted by chartered surveyors will be replaced by one single visit from a designated home inspector whose valuation will be liable to the buyer rather than the seller.
Time will be saved by preparing the value of a property before rather than after the buying process begins, greatly reducing the chances of house purchases falling through.
