HIPs - August 2008

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Improved information in HIPs will bring benefits for consumers

A proposal to further enhance the home buying and selling process for consumers by presenting information in a simpler way up front in a Home Information Pack, was announced this week. A consultation is underway into including a Property Information Questionnaire (PIQ) as a mandatory part of HIPs to improve the product for both buyers and sellers.

The questionnaire has been developed with the industry and is designed to provide information that is not only important for buyers to know but is also easy for sellers to provide without professional help. The aim is to help reduce issues coming to light that delay or cause transactions to fail.

Housing Minister Caroline Flint said: "Having the right information about a property at the beginning of the home buying process is essential if we are to reduce delays and cut down on wasted costs for both buyers and sellers. HIPs are an important first step in achieving greater efficiency and the PIQ will only improve on this, ensuring the buying and selling process is simpler for all."

Kate Butler, Conveyancing Executive at Frettens, explains further "The questionnaire would include information such as building work carried out to the property, information on energy and utilities, details on parking arrangements and council tax banding. The PIQ would be a simple form that is freely available to download from the Communities and Local Government and HIP provider websites. If the consultation recommendations are accepted the new PIQ would become part of the HIP from 1 January 2009. The quality of leasehold information provided in the HIP is also set to be improved."

The consultation into the PIQ closes on 30 September 2008.

Contact Kate Butler

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