New changes afoot for HIPs
People hoping to sell their home must understand three key changes to the law governing Home Information Packs (HIPs), which were introduced on 6th April, if they wish to avoid unnecessary delays.
The temporary first day marketing exemption has been removed, which means that all sellers must now have a HIP available from the moment that their home is advertised for sale.
In addition, a HIP needs to include a new element, called a 'Property Information Questionnaire' (PIQ), which summarises key information about the property such as council tax band, parking arrangements, and details of any structural changes made. This is particularly designed to help first-time buyers who have "little experience of buying a home".
Finally, all personal searches included in the HIP must be complete as it will no longer be possible to use insurance to cover missing data.
Selling a home has never been a smooth, straightforward task. Now it's even more important that people fully understand everything that needs to be done before they place their property on the market.
The safest way of doing so is simply to talk through the whole process with an experienced property lawyer, who will happily provide all the information you need.
Call Julia Smart on 0117 9290451 or email jsmart@metcalfes.co.uk
This press release summarises the law on issues which we believe may be of interest to you. It is not a comprehensive review of the subjects and accordingly is published without responsibility for loss occasioned to any person(s) acting or refraining from action as a result of information published