Property clinic: Do we need a HIP?
January 28th, 2009 by Barry Cashin
Q. We’ve lived in the country for many years and had no desire to move until we recently received an unsolicited approach from a couple who said they were very keen on buying our property. The reason cited in addition to the desirability of the village was that our property is listed and has many unique features. What clinched the deal for us was their offer – considerably over what our house is worth in the current depressed market and one, quite frankly, too good to refuse. My question is, do we have to pay for a HIP?
A. The good news is that a HIP is only required (in England & Wales) if your property is “marketed”, whether professionally by an agent or yourself advertising it in the newspaper, erecting your own For Sale board or using an online selling portal. As you were approached directly, speculatively and were not actually “marketing” your home, you do not have to compile a HIP. In any event, the buyer’s solicitor will need to apply for searches, examine your deeds and request any paperwork from your own solicitor, all of which are effectively the main elements of the HIP with the exception of the Energy Performance certificate. If you need any further details, take a look at our HIPs information page on Primelocation.com
