Exchange-Ready Pack aims to speed up home buying

The move has been designed to encourage widespread take up of the pack throughout the property industry.

New packs are available from 9 November. 

The Exchange-Ready Pack helps a buyer’s conveyancer proceed more quickly with the transaction once an offer has been accepted by including some, if not all, of the legal information required to prepare a "solicitors contract pack" at the start of the process. In many cases this halves the time taken to get to exchange of contracts due to the extra documentation included in the packs.
 
In addition to the documents contained in a standard HIP, the Exchange-Ready Pack contains:

* Contract for sale prepared by a lawyer;
* Seller Property Information Form;
* Fixtures & Fittings Form;
* Additional documents referred to in the Register;
* Copies of planning permissions, building regulations consents and guarantees supplied by the seller;
* Lawyer’s certificate confirming the pack is exchange-ready.

Simply HIP managing director Ashley King said: "Upgrading HIPs to the Exchange-Ready Pack is the next logical step in the  positive development of the home buying and selling process.

"For us, this move is a declaration of our commitment to moving the industry forward in a way that will positively benefit 
all parties.

"The Exchange-Ready Pack has already reduced conveyancing times to an average of 25 days from the 80 days that was the norm  before HIPs.

"We hope that this progressive step will galvanise others to follow our lead. Now is the time to upgrade to a product that 
truly delivers what everyone wants; speed, certainty and less stress, and without incurring additional cost."

Have your say on this story using the comment section below