View more on these topics

Government reveals HIP reforms

The Government has revealed a series of new measures which it says will improve the current Home Information Pack.

Housing Minister Margaret Beckett revealed that a new Property Information Questionnaire will be included in the pack, and will provide a summary of information about their property.

More information will be included in the new PIQ, including flood risk information, gas and electricity safety, service charges, structural damage, and parking arrangements.

HIPs will also become available from the first day that the property is marketed – currently 28 days are allowed before a HIP is created.

Beckett says: “It is essential that all buyers are able to see the HIP as early as possible to ensure they are benefiting from this important information, and that sellers are getting to see the pack they are paying for.”

Beckett says greater competition in the property searches as a result of HIPs have led to some local authorities reducing their search fees by up to £120.

These changes will be enacted from April 6, when sellers will need to have the basic HIP before their home is marketed, which is expected to take 3 to 5 days to compile.

These changes have been announced as the Office of Fair Trading revealed it will be making a full investigation into the whole property buying and selling process, in which HIPs will be included.

Recommended

Assureweb accounts

In last week’s edition of Money Marketing, we stated that Assureweb’s accounts were three months late. This is not the case. All accounts and returns are appropriately filed at Companies House.

Test of strength

Troubled New Star Asset Management has created a nervous atmosphere around fund management as a whole.

What triggers the MPAA?

Jim Grant – Senior Product Insight & Technical Support Analyst There’s sometimes confusion around what triggers the money purchase annual allowance. Find out what does and what doesn’t trigger the MPAA. The money purchase annual allowance (MPAA) is a reduced annual allowance that can apply to contributions to defined contribution (DC) schemes. The following table […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment