Home Information Packs will be pivotal in helping broken chains to get back on track, giving let down sellers confidence that a new buyer will progress quickly using the information provided, says the Association of Home Information Pack Providers.
Currently, if a sale falls through, sellers can be left waiting months for new buyers to go through the process of acquiring local searches and issuing surveys.
With the introduction of HIPs, AHIPP believes all of this information will be provided to buyers up front drastically reducing the time taken between an offer being accepted and completion.
It also says commissioning a Home Condition Report, which gives a detailed analysis of the condition of a property, will enable a new buyer to hit the ground running, in many cases allowing the seller to also continue with their purchase.
Mike Ockenden, director general of AHIPP, says: A huge number of transactions balance tentatively, their fate resting on the purchaser next in line.
When someone is forced to pull out the whole chain can collapse resulting in lost money and time for buyers and sellers and estate agents.
Sellers are left desperately scrabbling to get their property back on the market to achieve another sale quickly as possible.
The HIP, in conjunction with the HCR will greatly help to ease this problem, with sellers able to get another buyer on board faster than ever before with timely surveys and searches already completed.
Our roll out, which will commence in November of this year in six locations across the UK, will assist in proving the HIPs worth and in particular the positive role it will play in mending broken chains.
The introduction of packs will allow buyers to obtain vital information, in particular the HCR, ahead of making an offer on a property and, as a result, this will speed up the process and reduce the number of failed transactions.