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All you need to know about HIPS...

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Property Information Questionnaire Consensus

The initial consensus amongst Home Information Pack providers is that the Property Information Questionnaire (which as of the 6th April comes a compulsory document within a Home Information Pack) is a very simple form to complete. We don't disagree, it is very easy to complete but as with all multiple choice questionnaires can be very difficult to answer accurately.

Where the PIQ is concerned, the devil is most certainly in the detail. Many sellers will lured into reading a question one way when in fact the reality is that the question is asking something very different.

 

Market recovery warning over Hips

Property professionals have warned the housing market could be further slowed down by changes to the rules governing controversial Home Information Packs (Hips).

From Monday all sellers must have one of the packs in place before they can start to market their property, meaning they will typically face a delay of between three and five days before they can put their home up for sale.

 

House sellers could be sued under new Home Information Pack rules

A revamped and strengthened version of the controversial packs is coming into force next week.

One of the features of the new HIP involves house sellers filling in a detailed questionnaire about their property. Lawyers fear that sellers will leave themselves open to be sued, as a result.

 

Petition against Hip rules rejected

Downing Street has rejected a petition calling for the Government to drop plans to tighten the rules on Home Information Packs (Hip) for residential properties in England and Wales.

Some 1,694 people signed the petition on the Number 10 website protesting against the plan to end the so-called "first day marketing concession", which has so far allowed sellers to put their homes on the market before receiving their Hip, provided they have paid for a pack or made a commitment to do so.

 

Home sellers with no HIP will face £200 fine

Failing to provide a Home Information Pack could land house sellers with a £200 fine under rules that come into force on Monday.

Owners may also be sued for providing inaccurate information, even if the prospective buyer doesn't go ahead with the sale.

Yesterday Conservative MPs and property lawyers criticised the Government's decision to go ahead with the HIPs.

 

New Homes - Property Information Questionnaire

From the 1st April 2009 all homes including new build will require a Property Information Questionnaire. This new build homes questionnaire is slightly different and only has 12 questions. One thing of concern is the following clause The Property Misdescriptions Act 1991 does not apply where the form has been completed solely by the seller. and this disclaimer The information contained in this document should have been completed truthfully and accurately by the seller. However, the information does not replace official documents or legal information, you should confirm any information with your conveyancer. Given these two statements the document is of little value in my opinion.

In the future I would expect the questionnaire to state whether the builder has signed up the the housebuilding industry Code of Practice which is currently under development and whether the property will have a snagging list created by an independent new build inspections company.

 

Estate Agents Say Suspend Hips

Estate agents are calling for home sellers’ packs to be suspended, branding them an expensive waste of time.

Peter Bolton King, chief executive of the National Association of Estate Agents and a longtime critic of the home information packs (Hips) scheme, said the £300 price tag of the packs punishes sellers already suffering from the effects of market devaluations.

 


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