From April 6th 2009, if you're involved in selling a home there are changes you need to know about.
From this date, important changes are being made to Home Information Packs. Estate agents and other property professionals will need to understand them to be able to advise sellers and potential buyers.
The current first day market exemption will come to an end, meaning that the basic HIP must be available before the seller can begin marketing their property. Local searches can still be included in the HIP up to 28 days after the first day of marketing.
The new Property Information Questionnaire will be a compulsory document for inclusion in the HIP. The PIQ is designed to be completed by a seller, providing simple, useful information about a property. This can help to inform prospective buyers' decisions about whether to view, or make an offer on a particular property.
In addition, the use of insurance in personal searches to cover missing data will end. Every property search in a HIP must now contain all the required search information.
These changes are being introduced to Home Information Packs so that better information is available at the beginning of the home buying and selling process, and before buyers incur costs. Informed choice by buyers at the start can help reduce delays later on and wasted time for sellers.
For more information please contact our Home Information Pack partner Cotswold HIPS
