You Now NEED A HIP To Market A Property

There was a time when vendors only needed to provide proof that they had ordered a HIP before putting a property on the market. Essentially, you could market, find a buyer, and even exchange contracts before receiving a HIP. Apparently it takes 28 days for the pack to arrive in your hands (but I wouldn’t hold my breath), so with in that 28 days you could have done all of the above.

However, unfortunately, the rules change from the start of next year (2008). The new rules stipulate that a vendor actually needs to obtain the pack before marketing the property. This is called the end of the ‘first day of marketing’ principle. The general belief is that for HIPs to do their job properly, all the information must be made available to potential buyers from the offset.

Looks like the government are trying to run a tight shop; closing up all loopholes.

Out of curiosity, has anyone used/purchased one yet? If so, were they useful?

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Lorraine Imhoff wrote, on Dec 29th, 2007

	I needed a HIP when selling my home last month. Initially I expecteed to pay arond £400 for one then my agent told me about Fridays Property Lawyers (see http://www.fridaysmove.com) who offer a genuinly free HIP. To qualify you must instruct them for your conveyancing but they have not inflated their prices to cover the HIP. Better still if I had not found a buyer I wouldn’t have had to pay them a penny. I guess they must be doing this as a loss leader but you deinitely win if you need a HIP. Also really nice and communicative company.
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The Property Amateur wrote, on Dec 29th, 2007

	Hey Lorraine, Many thanks for the tip. However, it seems kinda odd that a conveyancing company would cover the costs. Are their conveyancing services competatively priced? It would be interesting to see if fridays property lawyers work out cheaper than using an alternative conveyancing firm, and using an external HIP company. Kind regards
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