RICS identifies HIPs loophole
The Royal Institution of Chartered Surveyors (RICS) says there is a big loophole in the regulations for the forthcoming Home Information Packs (HIPs).
RICS - which has opposed the introduction of the packs - says that legally, property sellers must only prove they have ordered a HIP. If a buyer is found and the property comes off the market before the HIP is produced, the seller may never to pay for a HIP.
A RICS spokesman said:
"This is another example of rushed policy that fails to meet the needs of consumers and the housing industry."RICS members have been pressing for clarification on the new regulations, for fear of breaking the law. We have been forced to tell them that to the best of our knowledge, selling a house without a HIP would not be illegal during the interim period."
The Government postponed the introduction of HIPs from 1 June to 1 August. Initially, only properties with four or more bedrooms will be required to have a HIP.





