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To do Hip or not to do HIP?
prudryden
Posts: 2,075 Forumite
From direct.gov.uk : "You don't need a HIP for: Sales of portfolios of properties, for example, selling two properties together.
Does that mean that if I sell my converted house of three flats
( two rental flats, and one owner/occupied flat) in one tranaction, I do NOT have to have a HIP for any of them? Any opinion (legal or otherwise) gratefully appreciated.
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Does that mean that if I sell my converted house of three flats
( two rental flats, and one owner/occupied flat) in one tranaction, I do NOT have to have a HIP for any of them? Any opinion (legal or otherwise) gratefully appreciated.
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FREEDOM IS NOT FREE
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Comments
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From my understanding you need a hip for each of your properties. Even developers need a hip. The portfolio rule is where you are selling a lot of properties to one buyer.
You need three separate hips as they are separate properties and need three different epcs done. The drainage and local authority searches will be more or less the same but still needed separately as will three lots of land reg documents.
Sorry0 -
Correct. However, the local land charges will be the same for all, just ask for an extra parcel per property. The water & drainage will be the same.0
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HIP should really be spelt TAX!!!!We are always in it but the depth varies!:D0
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iwantbargains wrote: »HIP should really be spelt TAX!!!!
Very helpful.0 -
iwantbargains wrote: »HIP should really be spelt TAX!!!!
I find them useful.
I could be the only one though.0 -
Maybe but i have seen some buyers pull out of sales after there solicitor (and there fee) has advised them to. Most of the reasons where in the HIP for all to see. Most people i find who complain about HIPs know nothing about them.0
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I appreciate everyone's imput. Just having read: (1) The Home Information Pack Regulations 2007, Part 6 Exceptions, Section 31. and (2) The Housing Act 2004, Part 5 Home Information Packs, Section 171. , I am still a bit confused, but getting there.FREEDOM IS NOT FREE0
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Does that mean that if I sell my converted house of three flats
( two rental flats, and one owner/occupied flat) in one tranaction, I do NOT have to have a HIP for any of them? Any opinion (legal or otherwise) gratefully appreciated.
The issue is how you market them. If you are prepared to sell them separately then the owner occupied flat needs a HIP, the other two don't unless they are empty. The fact that you then end up selling to a single person is not relevant - you should have prepared a a HIP for the one flat at least.
If they are only ever for sale as one unit, take it or leave it, then a HIP is not required.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Richard_Webster wrote: »The issue is how you market them. If you are prepared to sell them separately then the owner occupied flat needs a HIP, the other two don't unless they are empty. The fact that you then end up selling to a single person is not relevant - you should have prepared a a HIP for the one flat at least.
If they are only ever for sale as one unit, take it or leave it, then a HIP is not required.
That is how I read it as well. Many thanks for your insight into this matter.FREEDOM IS NOT FREE0
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