HIP shake-up
Tuesday, December 9th, 2008Housing minister Margaret Beckett has announced an overhaul of home information packs which will force buyers to compile a HIP before the property is marketed.
Sellers can currently commission and pay for a HIP and then start marketing their property for up to 28 days before the pack is available, but from April 6 2009 they will no longer be allowed to market the property without the HIP.
A new Property Information Questionnaire will also be introduced.
The questionnaire will include flood risk information, gas and electricity safety, service charges, structural damage, and parking arrangements to help buyers make decisions on whether to view and purchase a property.
The new PIQ will go alongside other important information in the pack, such as energy performance certificates.
Source: Mortgage Strategy
