Since the launch of the Home Information Packs in August 2007, the Government has introduced it for all properties in stages, starting with properties with four bedrooms and above, followed by three bedroom properties in September. Since December of last year, all properties on the market require a HIP.
At the moment the requirement is that a HIP is ordered at the time the property is put onto the market, From the 1st January 2009 there will be two significant changes occurring.
Firstly, a Home Information Pack will need to be completed prior to your property being placed on the open market for sale. This will mean that it will no longer be possible to order your HIP at the same time as your house is placed on the market, you have to get the HIP done first.
When these changes do come in, it means that If you are planning to sell your property you will need to allow 7 to 10 days after instructing your Agent /Solicitor whilst the HIP is being prepared.
The second significant change affects leasehold properties, especially purpose built flats in a block. Currently, if the property is leasehold the only additional requirement for the HIP is to insert an official or certified copy of the Lease. Once theses changes come into force it will mean that there will be further documents that have to be included in the HIP, as follows: -
1. Any rules or regulations that apply to the property that are not mentioned in the lease. These might be additional regulations imposed by the management company that are managing the block.
2. Statements or summaries of service charges covering the previous 36 months.
3. Where appropriate, recent requests for service charge, ground rent and insurance.
4. The names and addresses of the current landlord and any managing agents appointed by the landlord to manage the property.
5. Notices given by the landlord pursuant to section 20 of the Landlord and Tenant Act 1985 which relate to repairs and maintenance of the property.
It is up to the owner/lessee to obtain the information from the landlord or the managing agent if it has been lost. However, it is important to be aware that most landlords and managing agents will charge a fee for producing copies and sometimes it can take 3 or 4 weeks to obtain the information.
It is essential that owners of leasehold properties get organised and look this information up prior to selling their property. It may be worth going back to the solicitor who acted when the property was purchased, especially if the property was purchased within the last 2 years, as they may have some of the information on their file which might be relevant.
Although these changes aren't due for a few months yet, we strongly advise that if you are intending to put your property on the market in the near future BE PREPARED! You should instruct your agent or solicitor to put the Home Information Pack together at least two weeks before you intend to market your property and possibly longer if it is a leasehold property.
For further advice and information on Home Information Packs, please contact Charles Fentiman at Sydney Mitchell Solicitors on 0121 746 3300.
 |
 |
 |
 |
 |
 |
|
