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What does this mean for buyers?

Lane & Holmes - What does this mean for buyers?

HIPs are currently only applicable for four bedroom or larger properties, rolling out to three bedroom properties on the 10th September, they will eventually transfer to the whole market. If the house you are looking to purchase falls into this category then you must be presented by the estate agent with a HIP for the property. By law this will be available to you within 14 days of your request and will be funded by the sellers of the property. This ensures that the seller is serious and not just ‘testing the market’.

Some important HIP features for buyers

Energy efficiency is key. The packs include the property’s energy efficient rating and environmental impact rating graphs, allowing the buyer the chance to see the damage the property will do on both their bank balance and the environment.

Local searches are carried out as part of the pack. This means no more delays while they are carried out. Your Solicitor can use these as long as they are valid, up to three months from ordering the HIP. If they are out of date, though, is it up to the buyer to order and pay for the new searches.

The conveyancing aspects remain unchanged. You still need a Conveyancer or Solicitor to act on your behalf but if instructed at the same time of ordering the pack’s upfront legal information results in the whole process progressing much faster and with greater efficiency. 

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