Sellers beware, Hips is now in force

Posted under General, News by Alan

The controversial Hips (Home Information Packs) which have been criticised as “waste of time” are now into force from April. The sellers will have to put it in place before going for sale of property.

Prior to introduction of new changes, vendors were able to order a Hip before putting up ‘for sale’ board, but now they are required to furnish additional details in new questionnaire.

The seller is supposed to provide pre-sale information such as council tax band, utilities, parking arrangements and details of structural alterations in the new Property Information Questionnaire (PIQ). This information will help buyer in deciding whether to make an offer.

The Association of Home Information Pack Providers (AHIPP) believes that changes in Hips will be beneficial to the buyers.

Contrary to this belief, the National Association of Estate Agents (NAEA) argues that 89% of property professionals disagree with AHIPP’s views. NAEA, which has been opposing packs since day one, considers them as costly, unnecessary and a total failure.

NAEA also alleges that people are refraining from putting their property on sale because of Hips, as they are required to pay up to £400 for it irrespective of sale or no sale.

However, if any vendor or estate agent puts a property on sale without PIQ or Hips he/she could be fined £200.

As per the new changes, property owners will be required to wait 3 to 5 days to get required information for a pack.

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