£500 Home Information Packs are 'worthless'Home buyers in the UK could be paying twice following the roll out of the disastrous HIPs.
Recent property news announces home buyers in the UK could be paying twice following the roll out of the disastrous HIPs.
The joy of buying a new home is being quashed by not only soaring house prices, but the worry on how to meet those costs as buyers must now pay twice for the searches; once for the bank and once for the Governments’ Home Information Pack.
The law currently stipulates that owners of a 4 bedroom house, and from September, a three bedroom home, will be included in the scheme. The total bill for the owners will be around £1,000 for both the HIP report and the standard lawyers search.
Major mortgage lenders, which include HSBC and Barclays, do not trust the local authority searches within the packs put together by sellers. The excitement of buying a new home has been killed off by soaring prices and now buyers must pay twice for searches, with their banks and for the controversial Home Information Packs.
Rising costs involved in UK property purchase further highlights the increasing benefits and cost advantage of overseas property investment, which is not subject to HIP costs. Using a real estate investment company such as Obelisk International ensures a simplistic purchase procedure which outlines all the costs of purchase from the outset.
Another issue that is putting a further strain on the new government scheme is the lack of inspectors available to carry out HIPs. The aim of the HIP was to speed up the selling process because buyers would be given all the information they need about a home without needing to employ solicitors to carry out any searches.
The information the buyers need to include, are planning applications, energy performance, drainage, and building consents all through their solicitor. This means tens of thousands of homeowners, currently in a chain, which equates to around 80% of the market, have to pay the inflated prices, and investment news claims that it will slow down the property market.
For more information on lucrative property investment opportunities and to find out about Obelisk International’s latest projects, contact: Obelisk International on 0808 1600670
Or email info@obeliskinternational.com or visit our website http://www.obeliskinternational.com/
The joy of buying a new home is being quashed by not only soaring house prices, but the worry on how to meet those costs as buyers must now pay twice for the searches; once for the bank and once for the Governments’ Home Information Pack.
The law currently stipulates that owners of a 4 bedroom house, and from September, a three bedroom home, will be included in the scheme. The total bill for the owners will be around £1,000 for both the HIP report and the standard lawyers search.
Major mortgage lenders, which include HSBC and Barclays, do not trust the local authority searches within the packs put together by sellers. The excitement of buying a new home has been killed off by soaring prices and now buyers must pay twice for searches, with their banks and for the controversial Home Information Packs.
Rising costs involved in UK property purchase further highlights the increasing benefits and cost advantage of overseas property investment, which is not subject to HIP costs. Using a real estate investment company such as Obelisk International ensures a simplistic purchase procedure which outlines all the costs of purchase from the outset.
Another issue that is putting a further strain on the new government scheme is the lack of inspectors available to carry out HIPs. The aim of the HIP was to speed up the selling process because buyers would be given all the information they need about a home without needing to employ solicitors to carry out any searches.
The information the buyers need to include, are planning applications, energy performance, drainage, and building consents all through their solicitor. This means tens of thousands of homeowners, currently in a chain, which equates to around 80% of the market, have to pay the inflated prices, and investment news claims that it will slow down the property market.
For more information on lucrative property investment opportunities and to find out about Obelisk International’s latest projects, contact: Obelisk International on 0808 1600670
Or email info@obeliskinternational.com or visit our website http://www.obeliskinternational.com/
posted by Chris at 10:00 am
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