As from yesterday, Thursday 20th May, the new coalition Government have made a statement to say that effective from this date, Home Information Packs (HIPs) will no longer be required, when selling a property.
The legislation which was put in place in 2007 has now been frozen to enable the packs to be suspended, pending primary abolition of the legislation, which has to be dealt with by way of formal process.
The coalition Government has responded very quickly to this topic, in the hope that the demise of HIPs will boost the housing market recovery.
Although HIPs have now been suspended, pending abolition, you are still required to produce an Energy Performance Certificate to your buyer, which was previously part of the pack and declares the energy and environmental efficiency of your property.
One of the main advantages that is felt by both government officials and businesses involved in the property market is that with the HIPs now gone, this will free up the market and encourage home owners to sell their property as there is no longer any hefty costs to pay up front.
With speculation of a rise in Capital Gains Tax on the horizon, the abolition of the HIPs may come as welcoming news for second home owners who are trying to expedite sales on their second properties in order to beat the tax hike.
If you require an Energy Performance Certificate to be carried out on your property, or would like a free no obligation quote for your conveyancing, please do not hesitate to contact us.