November 23, 2007
Legal Loophole for HIP
With the Home Information Pack (HIP) being a legal requirement for all properties now, there is talk that this will put sellers off especially those in the one and two bedroom property market, should this happen it could have some serious affects on the whole property market, simply because there will not be many home available for first time buyers.
However any seller, who gets a move on, may be able to take advantage of a legal loophole which in effect will mean that the seller could actually get away with not having to pay for the HIP and save a fair chunk of cash in the process.
Apparently all that is needed is that HIP needs to be ordered at the exchange of contracts point, but should the sale go through fast then the seller can get away without paying for the HIP, clearly there is something wrong here!
Source [House Keys]
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