'First-day marketing' HIP exemption extended to the end of the year.
In an press release dated 8 May, the government announced the extension of ‘first-day marketing’ to the end of the year. This is the HIP exemption that allows a property to be marketed without a HIP as long as the required documents have been commissioned and paid for (or arrangements for payment made) and there is an expectation they will arrive within 28 days.
The announcement also predicts work to develop a new set of standards for industry involving bodies such as the RICS, NAEA, and the Law Society. This aims to bring together best practice within the industry into a single set of standards that all consumers can expect from property professionals in the home buying and selling process, including redress arrangements.
More interestingly for the buyer, the release also allows a more practical extension of the HIP following comments heard earlier during trials. The HIP will now optionally contain:
“The means for capturing consumer friendly information for inclusion within the HIP, such as property fixtures and fittings, access and boundaries. This will draw on the lessons learnt from our Area Trials.”
At last - a reason for the buyer to look at the HIP (and not just their solicitor).
The full release can be seen at:
http://www.communities.gov.uk/news/corporate/781019