The government is pressing ahead with the introduction of Home Information Packs (HIPs), which it says will save buyers and sellers over a £1 million a day in wasted legal fees when property sales fall through.

The announcement yesterday of the publication of the government’s draft regulations on HIPs brought forth another squeal of comment from interested parties.

The National Association of Estate Agents, for example, heads the arguments against HIPs on the basis that sellers will have to wait 14 days while the pack is created before marketing their home. "First day marketing is an important right for every home owner," said Peter Bolton King, chief executive at NAEA.

"The limited lifespan of the home information pack also brings with it a host of problems," said Peter Bolton King who argues that in a slow market there will be a requirement for updating parts of the pack once a sale is agreed. "There are also [cost] implications for those who want to put their home on the market to gauge interest in their property, he said.

Pro-HIP commentators say there has been a lot of negative reaction, particularly over the cost of the packs. Paul Smith, chief executive of independent estate agents, Spicerhaart said: "There has been a lot of negative reaction that home information packs will cost the home sellers £1000, however we believe they will not be a crippling financial burden on the sellers."

"Currently buyers are footing the bill if there is anything wrong with the property and the introduction of HIPs will simply switch the onus from the buyers to the sellers."

"We also believe that the packs will be available at very competitive prices as there will be stiff competition between HIP providers, who will keep the cost of the pack down and will ensure they are available with no up-front costs."

"Overall the introduction of HIPs is a positive step towards simplifying and speeding up the home buying process and improving transparency and the renewed emphasis to this important legislation is very much welcomed."

"However we call for a compulsory element to the dry run as it needs to be mandatory to run effectively and highlight any potential glitches."

The government’s view is that the packs will help first time buyers and also cut the overall costs of buying and selling a home.

Housing Minister Yvette Cooper said: "Buying a home is stressful enough without losing hundreds of pounds on legal fees or valuations for properties that then fall through."

"It is crazy that over £1m a day is wasted like this. Home Information Packs will actually save money and cut waste in buying and selling homes, that's why consumer groups have been campaigning for this for so long."

The general content and cost of the pack remain the same as discussed in Parliament during the course of the bill. Most of the information in the pack already has to be provided under current arrangements, but this is often very late in the process, says the government.

The contents include:

• A sale statement - describing the property being sold
• Forms the seller can use to give more information about the property and fixtures and fittings
• Evidence of title - from the Land Registry or copies of the deeds to the property
• Replies to standard searches - such as planning permissions, road schemes, water and drainage
• Warranties and guarantees - for building work
• A Home Condition Report including how energy efficient the property is

For leaseholders, the pack will also include:

• The lease
• Details of the landlord or managing company
• Regulations made by the landlord or management company
• Details of service charges and recent requests for payments for ground rent and insurance
• Information about current and planned works

The packs will include Home Condition Reports (HCR) similar to condition surveys currently carried out. Only inspectors qualifying under a certification scheme approved by the Secretary of State will be able to prepare HCRs. The scheme will be responsible for monitoring and auditing inspectors work. This will be robust to ensure that standards are maintained. The HCR will be an objective report on the condition of the property that buyers, sellers and lenders will have a legal right to rely on. Home inspectors will need to have suitable insurance that will ensure consumers are properly protected.