General (main property discussion here) - Home Information Packs

Anybody got any idea ont these and how they might affect landlords?

I have been combing the web for it but nothing of any real relevance to investment property.

Any advice welcome!

Bob

I was just reading about HIPs Bob, about speculation that the market will be saturated with property in the months leading up to their introduction.

Personally I can't people doing this to save £600-£1000, although if you were considering selling I guess it might jolt people into putting it on the market prior to the change. Not sure really!

Also unsure as to how they will affect us landlords. I've put it on the backburner for the moment. I'm sure we'll get some breaks.

FS

kate,

that is a helpful site. any tips on good sipps websites?

thanks

tom

Thank you for the link Kate: www.hipsdirect.com some really good information there. I for one think the HIP concept has been a long time coming! We need this kind of “pack” as investors. Just think about it, a time will come when every property will have a HIP, making buying smoother, probably quicker and having single-stop responsibility; and my personal favourite: having to pay less to the conveyance solicitors! (LOL) I think its all good in the long run.

Regards, Malik

"Home Information Packs"

Could someone explain what they are?

Frank,

Checkout the site recommended by Kate (www.hipsdirect.com), and also http://www.openthebook.co.uk/hip.asp .

Essentially, and I quote (http://www.which.net/moveit/campaign/hips.html): although advertising "Which?" it gives a good background.

“Home information packs Which? is delighted that the Housing Bill has been endorsed by the House of Lords and that Home Information Packs will be introduced in England and Wales from 2007.

For far too long home buyers have had to rely on scant information from estate agents to make a decision about the most expensive product they are ever going to buy. From 2007 they will be able to access up front a home information pack which contains all the information they currently only get once they have made an offer on a property. This means home buyers can make decisions on fact, not guesswork.

Which? will be working with the government and industry to ensure that Home Information Packs deliver real benefits to home movers.

From mid 2006 there will be a national dry-run of the packs, meaning that estate agents will be able to sell properties with packs. This will help identify any problems and make changes before they become compulsory in 2007.”

Hope this helps.

Regards,

Malik

Thanks Zulfiqar

I have also been assured by my broker that HIPs shouldnt affect landlords. He didn't really give a clear indication why this was the case, and I think there are still some grey areas, as with SIPPs.

To be honest, even when HIPs do come into effect, if you sell it privately, the cost to sell is still far cheaper than with an agent.

For sure, fewer sales will fall through.. thats the point of them after all. Property should sell a lot quicker overall too. Great news for sellers.

I wonder whether it will also improve the general quality of property on the market, i.e: vendors will be scared into righting any wrongs before putting on the market, pulling up the overall quality of stock. Maybe... not sure!

Phil

Hi Kate,

What an excellent idea! Now that's good service. Will you also consider SIPPS?

Regards, Malik

Great idea Kate.

I've personally never heard of HIPs before which is worrying! Thanks for bringing them to light, I'm going to do my research. Has anyone found any negative aspects/viewpoints? It'd be good to know what we're all getting into...

There is an excellent article called �False Teeth and New HIPs� at: http://news.www.decision-finance.co.uk/future-of-residential-property.html?ref_id=2005_11_17DFP1

�and if you needed a reason to read it, here is a quote: �However, if you scratch the surface of the plans they could be found to be toothless and actually end up costing property owners, landlords and developers more money for little or no benefit.�

Regards, Malik

Sorry about the “ “” it would seem that the forum host-script does not like quotation marks! Of course it does not need saying that I am not promoting decision-finance so please ignore the advertising (if you like). Regards, Malik

strange!

Hi Mailk,

You are right, the forum host script is at fault here. We will look into sorting this out!

Regarding HIP's, our November newsletter has a feature article on these and the knock-on effects they might have.

Hopefully you'll all receive a copy of the Newsletter on Monday!

Dan

Landlord Trader