CLG on the 8th December laid in Parliament regulations regarding the ending of the transitional arrangements. A copy of the Minister's statement is attached.
The headlines are:
- Searches remain a compulsory component of HIPs. Ted Beardsall has been asked to lead a working group to consider how they can be made simpler and more easy to use.
- Transitional insurance cover for missing search information will end on 5 April 2009
- From 6 April 2009 HIPs must include a Property Information Questionnaire (PIQ)
- The present 'temporary' leasehold information provision will be made permanent from 1 January 2009. The PIQ will include additional leasehold information from 6 April 2009
- First day marketing will end on 5 April 2009. Estate agents will still have the 28 days provision for certain information (eg searches) that takes longer to obtain
- Unfortunately, the regulations do not impose a 'drop dead' date after which all properties on the market require a HIP.
- The Minister is setting up a working group to explore options for making sure that consumers have information about the condition of the home. The aim is "to develop market-led models that can be delivered by existing practitioners, including Home Inspectors".
Also today, OFT have announced that they will be conducting a comprehensive study of home buying and selling. This will concentrate on:
- Competition on price and quality between service providers
- The prospects for new entry by, in particular, internet property retailers
- The extent to which consumer interests are protected by the existing regulatory framework
The study may also cover the relationships between estate agents, and mortgage brokers, surveyors, solicitors and other professional advisors.
The link to the OFT press release is http://www.oft.gov.uk/news/press/2008/141-08
AHIPP Secretariat
8 December 2008
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