New HIP's regulations

New Home Information Pack (HIP) regulations come into force today (6th April 2009), with the biggest change meaning that a HIP must now be in place before the sale process can begin.

Before today, anyone selling their UK home could market their property without physically having a HIP to show potential purchasers, as long as one had been commissioned. However, as of 6th April, by law, vendors cannot start to market their home without a HIP.

"The new HIPs regulations will affect sellers across the UK but there's no need to worry because there's plenty of information out there, and of course professionals in the industry will be more than happy to guide you through the changes," explains Matt Gillies, senior partner of RG Solicitors – legal partners of the financial and legal services arm of PropertyIndex.com - Legal Index.

"There are effectively four main amendments to be aware of. The first is the inclusion of a Property Information Questionnaire which needs to be completed by the seller. This provides a useful checklist of simple information about a property which buyers need to know before making any decisions about the property. The questionnaire covers such areas as gas and electricity safety information; details of previous structural damage; and information about parking arrangements.

"The second main change is the fact that the HIP must be complete and available to prospective buyers on the first day a property is put on the market. The third major amendment to the regulations is bringing an end to insurance provision for searches, in recognition that insurance is no substitute for information where it is available. The final major change is that there will be a greater amount of enforcement, which means it will be easier for Trading Standards to identify non compliance and enforce the requirements."

• For more information on HIPs, visit www.direct.gov.uk
• Click here to find out more / order your HIP quickly and easily through Legal Index today

Last updated: 6th April 2009

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