Do 'Home information Packs' become invalid?

confused_landlord

I had my HIP carried out at the end of Feb 2008. I now have a buyer, but I am being asked to get the HIP redone. As far as I can tell HIP's have no expiration date so I'm not sure if I really need to get it redone or not. Any advice would be appreciated.

chappers

valid for a year I believe. You will be able to reuse most of the information though some will probably have to be done again

MissMotivation

The HIP itself does not expire, after 3-6 months the searches contained withing the pack expire and a Solicitor (buyer's) will usually recommend that they have the searches re-done.

The exception is that if your property has been off the market more than 28 days and you then relist it for sale more than a year after the pack was done then you will need to get a new one done.

confused_landlord

So, in this scenario would it be the seller's responsibility to get the searches done and I dont suppose you know how long they take or how much they cost roughly?

Thanks in advance

MissMotivation

They can ask you to pay for new searches but you are not obliged to. I haven't got the costings in front of me at the minute but the Local Search can sometimes take 3-4 weeks.

Sammy85_2

Our solicitor carried out new searches as the old ones were over 3 months old. We paid for them (buyers). Most thorough solicitors would request they be redone.

I dont see how it can be the sellers responsibility to get them redone (unless your HIP needs redoing) but if it is going to be a deal breaker....

timmyt

confused_landlord wrote: »

I had my HIP carried out at the end of Feb 2008. I now have a buyer, but I am being asked to get the HIP redone. As far as I can tell HIP's have no expiration date so I'm not sure if I really need to get it redone or not. Any advice would be appreciated.

The factual position is this:

The HIP is valid and remains valid provided you keep it with the same agent, or (not that this applies in your case) if you take it off the market but get it back on [with the same or another agent it matters not] within a year of first marketing.

So, in your case, you are compliant, and the Buyer must redo any searches they think are too old.

Searches to do expire as such. Technically a Local Search is out of date the moment it is complete as new entries can come along. However, lenders say they will not accept searches that are 6 months old or more at the date of completion of your purchase/their mortgage.

So, the Buyer would need to do a new local search at their own cost (or be cheeky but legally incorrect and ask you). I would not bother to advise a buyer to redo the drainage search as it is hardly likely that mains connection would turn back to private, but that is up to the Buyer's lawyer.

As far as you are concerned, have nothing more to do with the issue. You are compliant and it is just a shame that the Buyer does not get a HIP with up to date searches.

Had the government foreseen a slump in the housing market with houses remaining unsold abnd the HIps quickly getting old, they may have asked the Seller to re-do the HIP after a certian period. They have not, so that is that.

As for timescale for a fresh search, I always recommend getting an official search, as personal ones are not the best (horses mouth and all that) and official searches are quite often as quick or quicker than personal searches. More costly, but small potatoes when spending £1000s on a house. Max 2 weeks usually. Or the Buyer could take out instant indemnity insurance to compensate for any entries that a new search would have revealed. Much cheaper and instant, but not ideal backing up (I assume it is) a personal HIP search with insurance. Sounds like bad money after bad in my view.

Hope this helps.

MissMotivation

timmyt wrote: »

The factual position is this:

The HIP is valid and remains valid provided you keep it with the same agent, or (not that this applies in your case) if you take it off the market but get it back on within a year of first marketing.

.

This is incorrect, you do not have to keep it on with the same agent.....as long as there is no break in marketing the HIP does not expire.

ginvzt

How long does a HIP last for?

While the property is on the market, there is no need to update the HIP. If the sale of your property stops and then starts again, you may have to compile a new HIP and provide up-to-date documents.
However, you can carry on using the same HIP without the need to update any of the documents where:

• marketing stopped because an offer was accepted and the sale has fallen through (but remarketing must start within one year of the date when marketing first began or, if later, within 28 days of the sale falling through)
• marketing has stopped for any other reason and the seller remarkets the property within one year of the date when marketing first began.

The effect of this is that the HIP has a shelf-life of at least 12 months for the seller.

From here:
direct.gov.uk

timmyt

ginvzt wrote: »

From here:
direct.gov.uk

wrong, it remains valid for ever if you keep it on with the same agent, or if you take it off the market you get it back on (with the same or a different agent) within 12 months of original marketing

timmyt

MissMotivation wrote: »

This is incorrect, you do not have to keep it on with the same agent.....as long as there is no break in marketing the HIP does not expire.

sorry I assumed the basics so sorry to be even clearer for some...


The HIP is valid and remains valid provided you keep it with the same agent, or (not that this applies in your case) if you take it off the market but get it back on [with the same or another agent it matters not] within a year of first marketing.