Out of date HIP

PasturesNew

The HIP, if available (some agents do seem to like to hide them; some owners don't have them completed before the house is on the market as all they have to do is order one), can be handy for a buyer to flick through before they put an offer in. To check some of the "basics".

After that, their use as a chocolate fireguard or vital time/money saving pack depends on the property, where the money's coming from, how old it is.

But if it's available when you view the property and want to put an offer in, then it can be a handy way to check some things that you might not haave spotted prior to paying out for a survey and mbeing more emotionally/financially attached to it.

Good idea; cr4p execution.

Richard_Webster

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...

Try getting them to put that in writing! I say that because I often get people who say they have rung their lender about some technical point and some non-technical person who doesn't really understand has told them something. When we write saying "We understand from the borrower that you have told him that..... and we would be grateful if you would confirm that this is the case..." we rarely get a lender to confirm such things.

Anyway HSBC/First Direct are one of the few lenders that definitely will never accept the private searches normally found in HIPs.

Ultranol_2

Hi Richard, thanks for your reply. When you say that 'HSBC/First Direct are one of the few lenders that definitely will never accept the private searches normally found in HIPs.' do you mean that we WILL have to pay for the searches again, regardless of whether they are out of date?

Thanks

Richard_Webster

When you say that 'HSBC/First Direct are one of the few lenders that definitely will never accept the private searches normally found in HIPs.' do you mean that we WILL have to pay for the searches again, regardless of whether they are out of date?

Yes, unless the search in the HIP is one directly from the Council, rather than the more common private search company search.

WhiteHorse

DVardysShadow wrote:

Mistaken. Maybe for local government.

But who gets the benefit of the VAT ... ?