New HIPs law will slow down house sales
New government legislation on Home Information Packs (HIPs) will cause home sellers ‘significant delays’ in getting their property to market, The Nottingham warned this week.
The East Midlands-based building society warned that the new legal status of HIPs will make home-selling a ‘major logistical exercise’.
From 6 April, all home sellers will be required to have a completed HIP available before they advertise their property to prospective buyers.
Previously, sellers were allowed to market their property immediately as long as they had commissioned and paid for a HIP.
Graham Lang, The Nottingham’s operations manager, said: “Planning is now critical to selling a home – and sellers will now have to start thinking quite seriously about why they’re selling a house, and when the best time to achieve this outcome would be.
“The reality is that from 6 April, home-selling is now going to become a major logistical exercise for everyone involved in the process.
“The new legislation will undoubtedly lead to delays.
“Therefore, going forward, sellers must prepare themselves for some frustrations.”
Comments (2)
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Is 3 days a “significant delay”? Anyone who has to wait more than 3 working days to get a HIP that allows marketing to commence will be using the wrong HIP compiler.
Don’t knock HIPs because of the incompetence of some of those who provide them.
I think the abolishment of HIP’s will spark a new wave of sellers, HIP’s are just one of those things that are a slight barrier or pest sellers have during the first steps of when contemplating selling their home, removing HIP’s makes the path to sale easier.