Additional Regulations for HIPs Unveiled
The 8th December 2008 saw the unveiling in Parliament of additional regulations for HIPs – Home Information Packs. The additional regulations will come into force from 2009 and are designed to improve the efficiency of HIPs. The main updates are:
- From 6th April 2009 all HIPs must be made available to view by interested parties as soon as the property is marketed – Currently estate agents and sellers can take advantage of the temporary first day marketing provision, which allows them to market the property for up to 28 days before making the full HIP available. This has resulted in sellers paying for a HIP upfront but if the property sells within 28 days then they have effectively paid for a pack that neither they or the buyer have actually seen.
- Also from 6th April 2009 all HIPs must include a Property Information Questionnaire – At present this is an optional item that sellers can choose to include in their HIP. The new regs will make this information compulsory.
- The Property Information Questionnaire for Leasehold Properties will include a summary of the Leasehold arrangements and this is to be made a permanent feature as from 1st January 2009.
What do you think about the additional regulations? Do you think they will improve the usefulness of HIPs or do you see them as causing more confusion and red tape for agents and sellers? Let us know!
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