Home Information Packs in the UK

It sounds like a staggering statistic, but it turns out that one in four home sale transactions in the UK collapse following the initial formal offer. In addition, nine out of ten people in teh UK are unhappy with the buying process.

In an effort to combat this nasty situation, in June 2007, the Home Information Pack was introduced. The Home Information Pack, or HIP, will include:

1. Sales Statement - Detailing the conditions of sale agreed.
2. Evidence of Ownership
3. Energy Performance Certificates - Giving each home a rating of between A and G based upon the homes energy efficiency and include advice to make the home more efficient.
4. Gaurantees and Warranties - If the property is new.
5. Searches and other legal documents.

Although I have never participated in a UK based home transaction, this sounds like a great idea, and should smooth the process significantly.