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Home owners demand deferred payment Hips

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by Gill Montia

Home Information Packs (Hips) now cover around 63% of the UK housing market.

They became compulsory for dwellings of four or more bedrooms at the beginning of August and were extended to cover three-bedroom homes in early September.

Later this year, the government is expected to announce a date for a further extension of the scheme, making Hips a requirement for all UK homes for sale.

However, home sellers and groups opposed to Hips are now petitioning the Department for Communities and Local Government, which administers the scheme, to change way in which homeowners pay for the packs.

The average cost to property vendors is £350 and according to Hip Payment Service, 76% of sellers do not want to pay for their pack until their sale is complete.

Home sellers are arguing that estate agents should offer deferred payment options for Hips, so that the cost can be met after the property has been sold.

This argument is strong, given that estate agent and solicitors fees are traditionally charged at the end of the sales process.

Companies such as Hip Payment Services already provide a deferred payment scheme to Hip providers and Estate Agents.

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News posted: September 24, 2007

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