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Mortgage holders told home information packs will cut costs
Mon, 14 May 2007
Mortgage holders have been informed that the scheduled introduction of home information packs will save money .

On June 1st 2007, the government intends to introduce the new system for use in all property sales in the UK .

It means that sellers will soon be asked to take responsibility for acquiring information concerning their homes - such as sales statements, energy performance certificates and title deeds - before putting them on the market .

Mike Ockenden, director general of the Association of Home Information Pack Providers, commented on the potential benefits of the new system for prospective mortgage holders.

"Home information packs will strip out a lot of the wasted cost and effort involved in the home buying and selling process, particularly in those cases where sellers opt to include the voluntary home condition report," he said.

Originally, the government intended to make home condition reports a compulsory part of the packs.

These statements are intended to provide buyers with information about the state of the property, enabling them to decide how costly refurbishments are likely to be.

However, following a rethink, it was announced that the reports would become a voluntary feature of home information packs instead.

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