The Times newspaper has reported that the Royal Institute of Chartered Surveyors was seeking a review of the new HIP pack the government wants to enforce.
The HIP pack stands for House Information pack and will cost home sellers something between £150 to £300 s an estimate, to present to potential home buyers. The HIP pack will include certain land searches and an energy performance certificate, to aid in the purchase of that property.
The Times stated that the RICS had only been given 8 weeks consultation instead of 12 and the thousands of assessors did not require a criminal record check.
The implementation time for this venture was set for June, but there is a real fear that many sellers or buyers will make a rush to complete before this date to avoid that extra charge and a slow down in the market make occur after that date, not to mention the higher interest rates that have hit the property market lately.
There has already been one u turn on Hips, this could be the second, if the warnings are heeded by ministers. Ministers believe this system would speed up the purchase of property.
Written 16th May