You don't need a HIP if you relist within 28 days, is this right?

stormCat99

Hi,

I'm sure I've seen before that if you were on the market and didn't need a HIP, then come off the market, then as long as you relist within 28 days (I think that was the period) then you still don't need a HIP.

Can any confirm/deny this, and even better point me to a government website explaining? I've looked everywhere and can't find the info I'm after, and my EA is saying I need a HIP even though only been off market 18 days. Can anyone help?

I may be talking rubbish of course!!

jimc_2

You need a HIP for two reasons. One reason is that the regulations require continuous marketing. If the property did not require a HIP previously but has been removed from the market and then re-marketed it now requires a HIP because of the break in marketing. There is no grace period.

The second reason put forward by others posting here, is that a property marketed as not needing a HIP because of when it first went on the market will now be considered to be 'stale' or 'desperate to sell'. Because of the time it has been on the market, prospective buyers will be more inclined to put in a low bid.

The second reason is just opinion but seems to be true in practice.

stormCat99

Thanks for the reply, but thankfully it's OK as my EA has now referred to their manager and realised their mistake.

Whilst I can kind of see your point about looking 'stale' I don't really see this as a concern. Because firstly, not one single person has asked if we have a HIP - and I know that I as a buyer would not even bother asking, as even if there were one I would still want to do my own searches etc.

Secondly people can still ask how long the property has been on the market - again, as a buyer this is one of the first questions I always ask, so sadly there is really no way to hide this fact Most of our viewers will know how long we have been on the market as they'll ask us anyway.

That leaves me with no reason to 'want' or 'need' a HIP, and I certainly don't want to pay for one if I don't need to - especially as I know it will most likely go unused! I wouldn't mind if it was actually useful :rolleyes:

country_sport

It will be useful to your buyer. You need one anyway as there as been a break in marketing.