Posted: Thursday, 20 May 2010 @ 11:46
It was today announced by the new government that the requirement for seller's to provide a Home Information Pack (HIP) will be suspended from 21 May 2010.
As expected Energy Performance Certificate's (EPC's) are retained and will still need to be produced within 28 days of the property being put on the market.
The practical effect of HIP's being scrapped is to shift the cost of paying for searches back to the buyer, which was always the position before they were introduced in 2007.
This news is welcome as HIP's were generally ignored and failed to speed up the house buying process.
It is now likely that further consultation will take place to look at ways to improve HIP's with a view to a possible reintroduction down the line.
Commercial Property Solicitor
01926 629 005
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