Benefits of Hips

.: Benefits of HIPs

According to research carried out before their introduction, nine out of ten consumers were dissatisfied with the previous property system, with almost 30% of transactions failing after an offer had been accepted.

One of the biggest complaints was that vital information only became available to buyers after terms had been negotiated and agreed. As a result, problems that arose with the property were only revealed several weeks into the transaction, by which time both parties may have invested significantly in legal fees and surveys. The Government envisage that by making this information available at the earliest possible time, buyers can make a more informed decision on the property, avoiding potential delays and reducing expenditure. The real financial benefit is for both buyers and sellers, with the saving of hundreds of millions of pounds in wasted costs which arise from failed transactions.

The main difference is that the responsibility will now move from the buyer to the seller. Sellers will be required to produce an Energy Performance Certificate (EPC) for their property as well as obtaining Searches and investigating the Title. The EPCs will give home sellers a number of A to G ratings for their home’s energy efficiency and carbon emissions. This will notify both parties of the average costs for the heating, hot water and lighting in the home and suggest how to cut costs with energy efficiency measures.

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