New Hip regulations come into force

New Hip regulations come into force

Today has seen the introduction of new rules governing Home Information Packs (Hips).

From 6th April house sellers in England and Wales must have a Hip in place before marketing a property.

Previously vendors could offer their homes for sale without a pack, providing arrangements were in place for one to be available within 28 days of the first day of sale.

The new regime also requires vendors to have completed a property information questionnaire (PIQ), which relates to such issues as building work carried out on the property, energy and utility suppliers, parking arrangements and Council Tax banding.

Hip enthusiasts believe the questionnaire will reduce the likelihood of problems emerging well into the sales process.

Anyone flouting the rules, whether an estate agents or private vendor are liable for a fine of at least £200.

The new regulations are seen by many as an additional burden in a system that fails to provide the one piece of information that most potential house buyers regard as essential: a survey.

In addition, today’s market downturn means that houses are more likely to remains on the market for over six months, at which point some lenders regard the information contained in the packs as out of date.

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