Home > HIPS are History!
We can’t help but wonder if the move to Number 10 prompted the new coalition Government’s decision to suspend the use of Home Information Packs (HIPs).
Introduced in 2007, they planned to speed up the process of home buying but quickly achieved controversy, with estate agents and mortgage brokers claiming they were actually detrimental to the housing market. However, the Energy Performance Certificate (EPC) element of the pack will be retained, which is required under European Law.
What does this mean for Home Buyers?
May not have certain information on a property readily available before making an offer.
May experience a slight delay in obtaining title information previously available in the HIP.
Will in most cases have to pay for searches formerly supplied in the HIP.
What does this mean for House Sellers?
Will be able to market their property as soon as they want, without having to wait for the HIP to be available.
Will no longer have to pay out for the full HIP which can cost up to £500.00.
Will still have to pay for an EPC.
Will still have to provide evidence of title and will still have to bear the costs associated with obtaining this information.
For any assistance in regarding the impact of this change in legislation please email us at homelegal@croftons.co.uk or telephone 0845 838 7013.
Posted on 21.05.10
2 Responses to “HIPS are History!”
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Dear Sir/Madam,
My house has been on the market for 2 years. I had a HIP organised at the time of putting the house on the market. Will I now have to pay for this eventhough it has been scrapped?
Thank you
Owen
Hi Owen
Thanks for your question.
You say that your property has been on the market for 2 years. Therefore, as it was marketed before 21 May 2010 you are still required to have a Home Information Pack in place and made available to potential purchasers.
The requirement for sellers to commission a HIP has been scrapped where properties have been marketed on or after this date.
You ask will you still have to pay for the HIP. It seems that you will have to unless you can come to an arrangement with your HIP provider.
You can up-to-date with the latest conveyancing information at our specialist website for home buyers and sellers http://www.croftonsconveyancing.co.uk.