HIPs Update - December 2008 - Margaret Beckett

Margaret Beckett MP publicised the new HIPs regulations to be enforced from 6 April 2009.

They primarily include the introduction Property Information Questionnaires (PIQ's) and the closure of the First Day Marketing arrangements.

The six page PIQ's will ask questions regarding the following;

• The Council Tax band
• Any Parking arrangements
• Any previous damage or flooding to the property
• The availability of Utilities and their supplier
• Any changes made to the property
• Rights of access
• A Summary of Leasehold details

First Day Marketing

Estate Agents will now have to provide a HIP at the point a property is first marketed.

As such the HIP will be provided in two installments. The first containing the immediately available information (after 2 - 5 days) with the remaining searches being provided within 28 days.

By way of a final comment the Government has stated that (courtesy of a survey of 16,000 transactions) that having a HIP in place actually speeds up the Conveyancing process by approximately 6 days.

29.12.08