Mortgages

HIPs postponed
News at Best UK Mortgages

23/05/2007 - Packs put on hold

Homeowners have been let off the hook as far as having to provide Home Information Packs when they put their properties up for sale. Communities Secretary Ruth Kelly said she would delay the implimentation until August 1st when only larger four bed properties would be liable to have one.

HIPs were to have included local authority searches and proof of ownership. The legal requirement for homeowners to have a HIP before they put their home on the market has been scrapped instead you will have to prove that one has been commissioned.

The withdrawall has come about after the Royal Institution of Chartered Surveyors demanded a judicial review, the first in its 139 year history. There is a long list of doubters to the packs which include the Council of Mortgage Lenders, the National Association of Estate Agents and the RICs. Miss Kelly claimed that the delay in implimenting the scheme would remove uncertainty and add clarity about the scheme. The Home Condition Report had been abandoned last July and the latest news will not help the thousands of people who have paid as much as £2,000 to train as inspectors.

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