The End of HIPS
The majority of conveyancers welcomed the government’s abolition of Home Information Packs for all properties placed on the market for sale from 20th May 2010. Additional legislation is required in order to kill off HIPS completely.
HIPS were introduced during 2007 with the aim of speeding up the conveyancing process. Unfortunately, the packs were of little use as they often contained incomplete or inaccurate information about the property. The Energy Performance Certificate which previously formed part of the HIP is to remain as required by European Law. A seller must commission an EPC prior to placing a property on the market for sale. An EPC is valid for 10 years.
Following the end of HIPS the Law Society is working towards conveyancing solicitors, who have the benefit of specialist legal training and professional responsibility, producing a comprehensive set of property documents for buyers. Hughes Paddison support this proposal and already adopts the procedure when dealing with a house sale of collating as early as possible in the transaction a comprehensive set of papers for submission to the buyer’s solicitors. In most cases this will reduce the number of enquiries raised by a buyer and accelerates the conveyancing process.
For further information on any property related matter or a conveyancing quotation please contact Jane Witek