The UK government is introducing changes to home information packs (HIPs) which will come into effect in April 2009. These will include a number of new features that aim to bring greater benefits to both home buyers and sellers.
[UKPRwire, Fri Dec 12 2008] The UK government is introducing changes to home information packs (HIPs) which will come into effect in April 2009. These will include a number of new features that aim to bring greater benefits to both home buyers and sellers.
One of the main changes will be the addition of a property information questionnaire (PIQ), to be completed by the seller, which will include information on flood risk, gas and electricity safety, structural damage, service charges, and parking arrangements.
For leasehold properties, the PIQ will also include basic information about the lease terms, and will require a copy of the lease itself to be included in the pack.
Another important change is that the pack must be issued on the first day of marketing a home, rather than after 28 days as called for currently. However, the 28-day grace period will still be allowed for obtaining searches.
At the same time as these changes were announced, the Office of Fair Trading has announced a comprehensive review of home-buying and selling, which will look at all aspects of competition, the regulatory framework, and new players in the market including internet sellers.
Margaret Beckett, the housing minister, said, “It is essential that all buyers are able to see the Hip as early as possible to ensure they are benefiting from this important information, and that sellers are getting to see the pack they are paying for."
The move has been welcomed by the Royal Institution of Chartered Surveyors (RICS) as demonstrating that the government has listened to it and other stakeholders regarding the lack of consumer engagement in the HIP scheme. The RICS director of external affairs, Gillian Charlesworth, said, “we are pleased that the government has recognised how much more can be done if they work with responsible property professionals rather than allowing vested interests to dictate policy.” RICS will also take further steps to make the scheme more consumer focused and make the home-buying process clearer, safer and more efficient.
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