Home Information Packs will have to be issued by all sellers or estate agents of UK homes from 2007, after a period of 'voluntary' use begins in summer 2006, the Office of the Deputy Prime Minister has announced.
Speaking at the Property Forum in London yesterday, Housing Minister Keith Hill MP said the packs are included as part of the Housing Act 2004 in an attempt to end ‘gazumping’ and the huge number of deals which never complete. "The current system forces buyers and sellers to negotiate in the dark, only finding out the facts towards the end of the process,” says Hill. "At present nearly 30%of transactions fail after terms are agreed and with the average cost of each failure at over £1000 per transaction, this leaves consumers footing a bill of £1m per day in wasted costs. Under the ...
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