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Saturday 21st of March 2009
March 19, 2009

New HIPs law will slow down house sales


by David Masters
New HIPs law will slow down house sales<br />

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.”

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1 Comment »

  1. 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.

    Comment by Richard — March 19, 2009 @ 7:36 pm

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