Property e-news from Foster Maddison

Communities and Local Government have introduced new regulations in relation to Home Information Packs (HIPs) for residential property. The headlines changes include:
• Searches will remain a compulsory component of HIPs.
• Transitional insurance cover for missing search information will end on 5 April 2009
• From 6 April 2009 HIPs must include a Property Information Questionnaire (PIQ)
• The present ‘temporary’ leasehold information provision will be made permanent from 1
January 2009
• First day marketing will end on 5 April 2009. Estate agents will still have the 28 day provision for certain information (e.g. searches) that takes longer to obtain
• Unfortunately, the regulations do not impose a ‘drop dead’ date after which all properties on the market require a HIP.For further information on HIPs, EPCs or for general advice on either buying or selling residential property please contact your nearest office.