HIP - proposed major works costs

Grovester_2

Hi,

When filling in part of the HIP it asks about major works for leasehold properties.

We are in the strange position in that we want to sell but, we know of some major works that *may* be going ahead next year but may not. The cost is very high so the leaseholders are being asked to discuss and agree the immediate works. We could agree for example that none of the work is required.

So at what point do I need to update the HIP with this, as the cost is high I don't want to put off potential buyers only to find the works are not going ahead. It could take months for everyone to agree, then we go down the section 20 route.

Thanks.

DVardysShadow

Grovester wrote: »

... So at what point do I need to update the HIP with this, as the cost is high I don't want to put off potential buyers only to find the works are not going ahead.

You put it in immediately, because the point of the HIP is that you present information to potential buyers which may put them off and you let them make an informed decision. In other words you tell them of the possibility and also of the uncertainty.

Of course it will put potential buyers off - or reduce the value they will pay, but I should imagine this is a question of 'when' not 'if', so even if the work is not taken on, you still need to declare the issue in the HIP, because your eventual buyers will have to face the work sooner or later