A reminder that HIPs will finally become mandatory as from 1 June. The final version of the Regs says that HIPs need, initially, only contain the index, the new energy performance certificate, a sales statement and evidence of title.
This means that other documents (in particular, searches and leasehold information) will not have to be supplied in the initial pack – provided sellers can show that the other documents have been requested and will be provided as soon as practicable (and within 28 days, except in exceptional circumstances). Also, until April 2008, personal search companies will be allowed to use insurance for those parts of the search where they cannot get access to the relevant data. Note also that properties already on the market as at 1 June will not require HIPs (unless still unsold at 31 December 2007). See [2007] LSG 5 April 5. © Practical Lawyer
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April 2007 |
