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New HIP rules to help buyers

New HIP rules to help buyers

Category: Mortgages

Updated: 08/04/2009
First Published: 08/04/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

New rules which mean homeowners must have a Home Information Pack (HIP) in place before putting their property on the market will lead to better informed buyers, it has been suggested.

The Association of Home Information Pack Providers (AHIPP) has welcomed the new legislation, which also requires the inclusion of a new Property Information Questionnaire (PIQ).

The PIQ, which must be completed by the vendor, is designed to help potential buyers make a more informed decision on whether to make an offer for a property by highlighting important information such as a home's council tax band, access to the property and any structural changes which may have been carried out at the start of the house buying process.

"The information required in the PIQ is already obtained from the seller in the present system, but much later in the sale process. There is nothing new, just different timing that makes total sense," said Mike Ockenden, AHIPP director general.

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