Date: 20th May 2010
Local Solicitors Veitch Penny, based in Exeter and Crediton, are today celebrating with estate agents that the red tape surrounding house sales has finally been cut with the abolishment of Home information packs (HIPs).
The new coalition Government has responded very quickly to this issue in the hope that the demise of HIPs will boost the housing market recovery.
Veitch Penny welcomes this change and believe it will be fully supported by the industry. It is great news to anyone thinking of selling their property, as the abolishment of the HIP will mean that it no longer overcomplicates the selling process and will allow it to become considerably cheaper. For sellers, this means there will no longer be any hefty costs to pay up front when selling your property.
Although HIPs have now been suspended, one element of the pack will still remain. You will still be legally required to produce an Energy Performance Certificate (EPC) to your buyer.
The EPC is not only vastly cheaper, but it will also rate the energy efficiency of the property. However homeowners will face a fixed penalty fine of £200 if they do not provide an EPC, which must be commissioned, if not available, before a home can be put up for sale.
Katie Blackburn at our Crediton office says; “There is also speculation of a rise in Capital Gains Tax on the horizon, so the abolition of the HIPs may come as welcome news for second home owners who are trying to expedite sales on their second properties in order to beat the tax hike.”
These rapid changes to the housing market remind us of the importance to seek appropriate legal advice for your Conveyancing when moving home. If you have any questions about the changes to Home Information Packs, Energy Performance Certificate or would like a free no obligation quote for your Conveyancing, please do not hesitate to contact Veitch Penny Solicitors on Exeter 01392 278 381 or Crediton 01363 772244.