Government Announces Changes to HIPS

Released on: January 6, 2009, 3:23 am

Press Release Author: London & Country

Industry: Financial

Press Release Summary: The Government has reviewed the current Home Information Packs and have announced changes to ensure that they contain more helpful information.

Press Release Body: The Government has announced changes to Home Information Packs, which will take effect from 6th April next year. The new measures are designed to ensure consumers receive more helpful information at an earlier stage in the home buying and selling process.

A new Property Information Questionnaire (PIQ) will be included in the pack, which will provide a summary of information about the property in one place. The summary, to include flood risk information, gas and electricity safety, details of any structural damage, and parking arrangements, should help buyers decide whether to view and ultimately purchase a property.

The new PIQ will go alongside the existing contents such as energy performance certificates.

From April, HIP’s will have to be made available from the first day of marketing. The current temporary measure allows sellers to market their property for up to 28 days before the pack is available, as long as it has been commissioned, and arrangements have been made to pay for it.

Housing Minister Margaret Beckett said:
"Home Information Packs are potentially a vital aid to consumers who are seeking to purchase a home, and I am firmly committed to ensuring they work as well as possible. That is why the changes made today will make sure consumers are better protected, better informed and better assisted when buying a home.”

A basic HIP is expected to take 3 to 5 days to compile.

For more information and no-fee mortgage advice, borrowers should call L&C free on 0800 373300.

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Notes to Editors:
London & Country (L&C) is the UK's leading no-fee mortgage broker. Based in Bath, it provides whole of market advice via telephone and post to clients nationwide. As well as residential mortgages, it also specialises in the Buy-to-Let and adverse-credit sectors.

L&C is a Climate Neutral company and for the last seven years has invested in climate friendly projects and tree-planting to help offset its emissions and those of its customers. For more information, go to www.lcplc.co.uk/green.

L&C has won numerous awards including:

Best Mortgage IFA/Adviser of the Year – Money Marketing, 2004, 2005, 2006 and 2008
Best Technology Adviser – Money Marketing 2007
Best Mortgage Broker outside London – Mortgage Strategy, 2004 and 2005
Best National Broker – Mortgage Introducer 2005, 2006 and 2007
Best Overall Broker – Mortgage Introducer 2005
Overall broker of the year – Pink Home Loans, 2006 and 2007, 2008
Top 100 company in the Sunday Times Fast Track 100 for 2004 and 2005
Business of the Year – The Bath Business Awards 2005

Growth Strategy of the Year – National Business Awards (Wales and West) 2008
Business Leader (Broker) – British Mortgage Awards - 2008
Online Mortgage IFA of the Year – Financial Adviser - 2008

Press Contacts:

Richard Morea, Technical Manager
Office: 01225 341312
Mobile: 07970 885168

David Hollingworth, Head of Communications
Office: 01225 341211
Mobile: 07710 634044

www.lcplc.co.uk

Web Site: http://www.lcplc.co.uk

Contact Details: Richard Morea, Technical Manager
Office: 01225 341312
Mobile: 07970 885168
London & Country Mortgages Ltd, Beazer House, Lower Bristol Road, Bath BA2 3BA