HIP - Home Information Pack

New government legislation means that house sellers will have to produce information packs for buyers.

The government is concerned that many house purchases fall through because of the time it takes to get to completion. Where there is a chain of buyers and sellers, just one person pulling out can ruin a whole series of purchases, costing all those involved money, time and patience.

Of particular concern is gazumping, where the seller switches to another buyer for a higher price at the last moment. The longer the homebuying process up to exchange of contracts, the more opportunity there is for gazumping to take place.