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Conveyancing News: HIPs Will Benefit First Time Buyers |
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Article Published: 18-May-2007
The forthcoming, and much debated, Home Information Packs will save money for first time buyers by transferring costs to the sellers says the Chartered Institute of Housing.
Home Information Packs transfer the costs of surveys and searches to the sellers, who the CIH say are in a better position to afford the costs, leaving struggling first-time buyers with more money to put towards a deposit or other home costs.
HIPs are also a method of protection for first time buyers, as they make them aware of the risks and complex processes involved in home buying, highlighting any defects and giving them a clear picture as to what they are buying.
Sarah Webb, CIH Deputy Chief Executive commented by saying, "We support any measures that make the costs and risks of home ownership more bearable. Apart from the up-front costs of surveys and searches that are difficult for first-time buyers to shoulder, there is a real need for homebuyers to know exactly what they are signing up to."
Source: Conveyancing-0800.co.uk
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