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Changes to HIPS plans from "UK Landlord" magazine, March 2007
Charges for search fees are also likely to be harmonised to address the different levels of fees that purchasers of residential property must pay, depending on their post codes. In light of the changes to the process and fees for local searches, the Government is considering the following transitional arrangements to cover the first six months after the launch of Home Information Packs on 1 June 2007. Estate agents and sellers of residential property will be able to put residential properties on the market if they can provide an Energy Performance Certificate and key legal documents (such as the title deeds and sale statement) as long as searches and leasehold documents (where relevant) have been commissioned. According to Peter Ambrose of The Partnership, which specialises in providing Home Information Packs for the prestige property market, "this does not negate the need to obtain all the required documents, such as searches and leasehold documentation for a HIP, but enables the agent to start marketing sooner." Under the new plans, the estate agents would have to produce a Home Information Pack within 28 days of placing the property on the market, by which time they should have received the relevant local authority searches and other searches and documents.
Rugg Review: What's new?
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The Government is planning to speed up the process of local searches in residential property purchases after area trials for the introduction of the Home Information Packs have shown that obtaining searches and leasehold documents can cause delays of more than four weeks in some areas.
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