Home Information Packs (HIPS)
It will be a legal requirement for all 4 bedroomed and larger houses marketed after the 1st August 2007 to have a Home Information Pack ready to present to potential buyers.
The essential benefit of HIPS is that they will streamline the sales process on the basis that the information, that is usually collated after the sale has been agreed, must be ready for presentation prior to marketing.
Vendors may consider one of two options. Firstly, engaging the services of their solicitor to put this information together or, secondly, to instruct one of the specialist HIPS providers that have been established to provide a bespoke efficient service.
In terms of timescale, all 4 bedroomed and larger houses new to the market from 1st June 2007 will require a HIP. Homes already on the market on this date will not require a HIP. However, if the house has still not sold by 31st December 2007, a HIP will then be required in order to remain on the market.
We will be pleased to introduce our clients to a reputable solicitor or Allhip, the HIPS provider with whom we propose to work. Allhip are a York based provider and they have confirmed that they are happy to meet with prospective vendors to explain how HIPS will work, in more detail.
The rules affecting HIPs could well change again... Watch this space!
Please contact this office for further information on HIPS and HIPS providers.
Malton Estate Agents: 01653 697767
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