Home Information Pack question.......
Discussion
Hello there,
Does anyone know the period of time a hip is valid for?
Basically, my folks put their house on the market in February and apart from a couple of very low offers, it`s failed to sell. They are thinking of taking it off the market at the end of August if it hasn`t sold and then trying again next March.
Will they need a new hip survey or will the one carried out in February still be valid?
Cheers in advance.
Does anyone know the period of time a hip is valid for?
Basically, my folks put their house on the market in February and apart from a couple of very low offers, it`s failed to sell. They are thinking of taking it off the market at the end of August if it hasn`t sold and then trying again next March.
Will they need a new hip survey or will the one carried out in February still be valid?
Cheers in advance.
garycat said:
They are valid for 12 months
I'm pretty certain it's only 6 months. I'm certain that the searches are only valid for 6 months after which most solicitors will expect you to pay for fresh ones. If you haven't arranged the HIP yet make sure you get one with an offical local authority search, most solicitors will not accept "private" searches and you'll end up paying twice.Grumpy old git said:
I'm certain that the searches are only valid for 6 months after which most solicitors will expect you to pay for fresh ones. If you haven't arranged the HIP yet make sure you get one with an offical local authority search, most solicitors will not accept "private" searches and you'll end up paying twice.
It appears to be a bit strange to have to have a new survey done, do they think my parents will have removed the cavity wall insulation since the initial survey?Anyway, thanks for the advice guys.
russ_a said:
im pretty sure your HIP remains valid until the house is sold or is taken off the market.
though i would guess your solicitor would request the search info again if they are a little stale.
My understanding is that it remains valid as long as it's on the market however if you take it off and put it back it's 12 months from its original date. though i would guess your solicitor would request the search info again if they are a little stale.
fullhip.co.uk said:
How long is a HIP valid?
Legally a HIP remains valid for as long as the property remains on the Market.
The completed Home Information Pack or HIP remains valid provided;
the property is still being marketed 1 year after it was first up for sale (you may take your house off the market as many times as you like within the ,If you have a failed sale occurring more than 1 year after marketing commenced you must put your property back on the market within 28 days
There is no obligation on you or the person or agency marketing your property to keep the information up to date (however it may be in your interests to do so).
In practice the validity is determined by the date of the searches. It is unlikely that a Mortgage lender or Solicitor will accept searches in a HIP which are more than 6 months old. The Energy Performance Certificate is currently valid for 3 years, although this is under review by the Government. There is a more detailed answer in our Free HIP Guide available by contacting us.
Legally a HIP remains valid for as long as the property remains on the Market.
The completed Home Information Pack or HIP remains valid provided;
the property is still being marketed 1 year after it was first up for sale (you may take your house off the market as many times as you like within the ,If you have a failed sale occurring more than 1 year after marketing commenced you must put your property back on the market within 28 days
There is no obligation on you or the person or agency marketing your property to keep the information up to date (however it may be in your interests to do so).
In practice the validity is determined by the date of the searches. It is unlikely that a Mortgage lender or Solicitor will accept searches in a HIP which are more than 6 months old. The Energy Performance Certificate is currently valid for 3 years, although this is under review by the Government. There is a more detailed answer in our Free HIP Guide available by contacting us.
Grumpy old git said:
garycat said:
They are valid for 12 months
I'm pretty certain it's only 6 months. I'm certain that the searches are only valid for 6 months after which most solicitors will expect you to pay for fresh ones. If you haven't arranged the HIP yet make sure you get one with an offical local authority search, most solicitors will not accept "private" searches and you'll end up paying twice.a) out of date - 6 months is the usual limit
b) performed by persons unknown to the buyers solicitors
The seller pays for the HIP, choosing the cheapest option, a HIP containing the non-official searches.
If the property sells within a few months, the buyers solicitor won't trust the searches anyway, so the buyer pays to have them redone. Despite insurance indemnities, solicitors won't trust searches done by third parties they don't know, which is fair enough.
If the property sells after six months, the searches are out of date. So the buyer pays to have them redone.
Would you trust a search more than, say, a month old? Tesco could have got planning for that superstore next door to your new house in that space of time. An extreme example, but you really need to be sure of what you're buying - a search done now, today, is the safest option.
Genius. Bloody work of genius.
For the OP, I'd leave it on 'the market' - as far as I know, once off the public domain market for the 28 days as said above, you'll be forking out for another HIP. You need continuous 'marketing'. An ebay ad would do it over the winter
andy43 said:
Would you trust a search more than, say, a month old? Tesco could have got planning for that superstore next door to your new house in that space of time.
Wouldn't be revealed by a local search on the house you're buying though - that only applies to the house itself, not neighbouring land.It's not solicitors who won't accept old searches, by the way - it's mortgage lenders. HSBC seems to be strictest, Halifax is quite lenient, for instance. And personal local searches contained in HIPs are generally insurance backed so you should be able to rely upon them with confidence.
SJobson said:
andy43 said:
Would you trust a search more than, say, a month old? Tesco could have got planning for that superstore next door to your new house in that space of time.
Wouldn't be revealed by a local search on the house you're buying though - that only applies to the house itself, not neighbouring land.It's not solicitors who won't accept old searches, by the way - it's mortgage lenders. HSBC seems to be strictest, Halifax is quite lenient, for instance. And personal local searches contained in HIPs are generally insurance backed so you should be able to rely upon them with confidence.
That's where local knowledge comes in - using HIP and legal people off the interweb "cos it's a bargin" might just be a false saving from the buyers point of view, just IMHO
But the seller's buying. And they want 'cheap'. Whereas the buyer, their solicitors insurers, and more to the point the lender stumping up the cash, want good, correct and accurate. Which means now, today, not last week.Just as a point of interest, HIP compilers need precisely NO training, NO qualifications and NO legal experience. Nice. Another Brownie point for Gordon there.
It's all insured, isn't everything, but claiming loss of quality of life due to a little box ticked N/A by a search provider (eg the planning for Tesco's new massage parlour/brothel venture - the only industry they're not yet involved in) would be a lengthy quest to say the least.
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