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HIP info

My partner is buying a property that is exempt from HIP as it has been on the market for so long although i have actually found the hip for the property. His solicitor has charged him £250 for searches. Arent these included in the HIP? Does anyone know which searches expire?


This is my Virgin voyage on Forum- I hope someone out there can help me:T

Comments

  • princessamy86
    princessamy86 Posts: 4,889 Forumite
    edited 30 April 2009 at 3:17PM
    Sorry, bit confused; if it's been on the market for so long it is exempt from a HIP, then how have you managed to find one? Also where did you find it? As I know it's not just a case of googling it! If it's been continually marketed for that long, it should at least have an EPC. Is that perhaps what you have? Searches are included (in a full HIP, not an EPC) but need refreshing periodically (do a search on here and it will tell you more about that). Hope that helps
    Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.
  • wen1
    wen1 Posts: 16 Forumite
    The seaches are for the property,title deeds and any debts against the property and has the property had any problems, right of way and lease holder and etc that why you need the seaches. This has nothing to do with HIP, the seaches have to be done to protect you and Mortgage company.
  • david29dpo
    david29dpo Posts: 3,747
    First Post First Anniversary Combo Breaker
    Forumite
    Is there a HIP or not?
  • Thanks princessamy86 and wen1 for your prompt replies.

    The solicitor for the vendor siad there was no HIP but as the vendor is a home building company i searched their website and found the HIP for the property. It is dated Feb 2008!! so not sure why they said it was exempt!! The house has been vacant for years as is part of a redevelopment programme of MOD properties.
    Partner paid money to Solicitor not mortgage company - is this right? Hope i'm not too confusing!!
  • princessamy86
    princessamy86 Posts: 4,889 Forumite
    Yes it's right to pay the money to his solicitor, they will be the ones who put the search package together. If it's Feb 2008 the searches will be out of date.
    Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.
  • Gorgeestwo
    Gorgeestwo Posts: 537
    First Anniversary Combo Breaker
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    We've been told that even if a property we are buying has a hip, if the searches are more than 3 mths out of date then the mortgage company might ask for new seaches anyway.
  • Evee2000
    Evee2000 Posts: 217
    PPI Party Pooper
    Forumite
    Gorgeestwo wrote: »
    We've been told that even if a property we are buying has a hip, if the searches are more than 3 mths out of date then the mortgage company might ask for new seaches anyway.

    This entirely depends on your lender, however, I believe, the Mortgage Lenders Handbook was changed to reflect that searches should be acceptable up to 6 months.

    From the CML (Council of Mortgage Lenders)

    Searches and Reports Paragraph 5.2.3 [FONT=Arial,Arial]This instruction now requires all searches (except where there is a priority period) to be not more than six months old at completion. The earlier instruction adopted a two-pronged approach requiring searches to be not more than three months old at exchange and not more than six months old at completion. This had led to cases where searches met one part of the criteria but not the other. This amendment should result in a more straightforward approach.
    [/FONT]
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