Lee Adams, Partner at Henderson Connellan guides us through the forthcoming Home Information Packs (HIP) that will affect all who are considering selling a house in future.
The HIP launch date of 1 June 2007 is fast approaching. Here are the key facts you need to know.

Why reform the process?
9/10 consumers are currently dissatisfied with present purchase process
Sales success rates - 28% of sales fail after terms agreed
Costs - failed transactions cost consumer £350m+ per year
Speed - UK transactions run at 50% of European speed
Reliability - 60% sales are chains, with any failure having a knock-on effect on all links
First time buyers receive packs for FREE

Summary of contents of the HIP
Sale statement, evidence of title, standard searches (local authority enquiries and a drainage and water search)
An Energy Performance Certificate
Commonhold details, leasehold information or New Homes Warrantee (where appropriate)
Home condition report
Other documents that should be supplied that are not mandatory include guarantees, warrantees and other searches

Benefits of the Home Improvement Packs
£1 million per day is wasted on failed transactions HIP will decrease the number of sales that fall through
Increase speed of home buying process
The average home owner is expected to save an average of £300 in fuel bills by making their home energy efficient. This will have a positive effect on the environment - our homes account for 27% of the UK’s carbon emissions