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Out of date HIP
Ultranol_2
Posts: 66 Forumite
Hello, we have just had an offer accepted on a house. The HIP is dated 27th May, and although our solicitor (Beaumont Legal) only advises having new searches done if it is 12 months out of date, other people seem to say 6 months. Can anyone advise? Should we get a new search done anyway?
Thanks
Thanks
0
Comments
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Hi,
we just had to renew ours because they were 7 months out of date and our lender required that they were no more than 3 month old, so we had no choice. If they had been 3-6 month old then my lender would have allowed us to take a search indemnity insurance for about £20 but because they were 7 months old they refused and my solicitor had to start from scratch. Best thing to do is get you Solicitor to check with your lender.0 -
As usual, everyone is making it up as they go along. 3 months seems however to be emerging as the accepted shelf life of a HIP.
Needless to say, this aspect was never mentioned by the government when they were brought in. So lets see ... if the average HIP costs £300, and they only last 3 months, and the average time to sell a house is 12 months, then that's £1200 per annum just for the privilege of keeping it on the market.
Nice little earner for the government!"Never underestimate the mindless force of a government bureaucracyseeking to expand its power, dominion and budget"Jay Stanley, American Civil Liberties Union.0 -
A HIP does not go out of date.....the search element of the HIP is valid for 6 months, however, some LENDERS will only accept searches that are less tha 3 months old.
The Vendor does NOT have to renew the HIP OR the searches.......the Purchaser is responsible for paying for new searches should they require them!My home is usually the House Buying, Renting and Selling Forum where I can be found trying to (sometimes unsucessfully) prove that not all Estate Agents are crooks. With 20 years experience of Sales/Lettings and having bought and sold many of my own properties I've usually got something to say
Ignore......check!0 -
WhiteHorse wrote: »As usual, everyone is making it up as they go along. 3 months seems however to be emerging as the accepted shelf life of a HIP.
Needless to say, this aspect was never mentioned by the government when they were brought in. So lets see ... if the average HIP costs £300, and they only last 3 months, and the average time to sell a house is 12 months, then that's £1200 per annum just for the privilege of keeping it on the market.
Nice little earner for the government!
What a load a crap.0 -
MissMotivation wrote: »A HIP does not go out of date.....the search element of the HIP is valid for 6 months, however, some LENDERS will only accept searches that are less tha 3 months old.
The Vendor does NOT have to renew the HIP OR the searches.......the Purchaser is responsible for paying for new searches should they require them!
Very true.........0 -
Here is the actual answer...
Once on the market, a HIP lasts and lasts. However, lenedsr will not accept the searches if they are more than 6 months old at the date of completion of the sale.
That is not the sellers problem, it means that the Buyer must either do a fresh search, or take out search validation insurance at a fraction of the cost of a new search. The choice is the Buyers.
But use a solicitor for your conveyancing, not a bucket warehouse...yo get hat you pay for, and those outfits will have no more respect or your important purchase than you do if you are allabout going cheap!My posts are just my opinions and are not offered as legal advice - though I consider them darn fine opinions none the less.:cool2:
My bad spelling...well I rush type these opinions on my own time, so sorry, but they are free.:o0 -
We're currently in a situation like this. The house we're in the process of buying had its HIPS search done in July.
That means that we have not only had to fork out for our own HIPS but our sol. says we'll have to pay for the new search on our purchase as that's now out of date.
Our buyers are in much the same position, also having to pay for a new search on our house (that they're in the process of buying) because the one included in our HIP is also now out of date - it was done last June and our house took 4 months to sell.
What a nice little double (or maybe even more) whammy for the local authorities as well as the government at around £150 a time for a local search.
So effectively we're each being forced to pay £350 for a so-called Home Information Pack that amounts to no more than title deeds, an energy report and a drainage search (if a property doesn't sell within 3 months) then having to pay for the local search element all over again as buyers (if the HIP has been prepared more than 3 months before.) Nice one.
We're even having to pay extra for environmental and chancel searches which are not part of the HIP, as indeed are our buyers and their buyers....
So the HIP saves time and money - er, how exactly, and whose time?
The original concept was to have a homebuyers report included in the HIP but this was scrapped. Presumably then, these would also have gone out of date by the time an offer was made with the market the way it is at the moment, so like the search, would also have to be paid for by the buyer. Oh dear, the surveyors missed a trick there!
Any political party that promises to scrap this outrageous scam and can actually do something useful to speed up and stabilise the ridiculous process in England and Wales, has my vote.0 -
Mistaken. Only the search portions of the HIP go out of date.WhiteHorse wrote: »As usual, everyone is making it up as they go along. 3 months seems however to be emerging as the accepted shelf life of a HIP.
Needless to say, this aspect was never mentioned by the government when they were brought in. So lets see ... if the average HIP costs £300, and they only last 3 months, and the average time to sell a house is 12 months, then that's £1200 per annum just for the privilege of keeping it on the market.
Mistaken. Maybe for local government.Nice little earner for the government!Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Kittenonthekeys wrote: »We're currently in a situation like this. The house we're in the process of buying had its HIPS search done in July.
That means that we have not only had to fork out for our own HIPS but our sol. says we'll have to pay for the new search on our purchase as that's now out of date.
Our buyers are in much the same position, also having to pay for a new search on our house (that they're in the process of buying) because the one included in our HIP is also now out of date - it was done last June and our house took 4 months to sell.
What a nice little double (or maybe even more) whammy for the local authorities as well as the government at around £150 a time for a local search.
So effectively we're each being forced to pay £350 for a so-called Home Information Pack that amounts to no more than title deeds, an energy report and a drainage search (if a property doesn't sell within 3 months) then having to pay for the local search element all over again as buyers (if the HIP has been prepared more than 3 months before.) Nice one.
We're even having to pay extra for environmental and chancel searches which are not part of the HIP, as indeed are our buyers and their buyers....
So the HIP saves time and money - er, how exactly, and whose time?
The original concept was to have a homebuyers report included in the HIP but this was scrapped. Presumably then, these would also have gone out of date by the time an offer was made with the market the way it is at the moment, so like the search, would also have to be paid for by the buyer. Oh dear, the surveyors missed a trick there!
Any political party that promises to scrap this outrageous scam and can actually do something useful to speed up and stabilise the ridiculous process in England and Wales, has my vote.
Even though i flog the things, i have to agree0 -
Thanks for all your replies. I was totally convinced that the searches had to be within 3 months as well, but have just rung our lender (First Direct) and they have said that as they will do a very thorough survey and valuation on the property, they don't need the searches to be done again.
I'm still not entirely convinced, but looks like we might not have to get them done after all...0
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