Western Mail Property Doctor Column #3
By admin
Issued on behalf of Emyr Pierce Solicitors
Have I still got time to put my house up for sale without having to get involved in providing a Home Information Pack?
The long-talked about introduction of Home Information Packs (HIPs) is about to become a reality and, like it or not, by the time the clocks go back in October, every single property going on the market may have to have one by law.
In fact, the first tranche of HIPs kicks in on August 1 for properties with four bedrooms or more. Mandatory HIPs for three-bed properties could now be introduced from September, with the rest of the housing stock to follow suit, maybe as soon as October.
So, if you’re thinking of putting your home up for sale and you want to save yourself the estimated £400-£700 cost of setting up a HIP, then the message is – get it on the market as quickly as possible. Property on the estate agents’ books before the introduction of HIPs will not immediately require a HIP.
The looming launch of HIPs may explain the upsurge in properties coming to market over the last few months. Of course, a lot of people had already put their homes up for sale expecting the HIPs system to have been up and running on the original target date of June 1. But that never happened – and many of those sellers are still looking for buyers.
When considering marketing your home you will need to get a HIP prepared for your home. Make sure you contact a specialist conveyancing solicitor first for advice as they will be able to supply you with the necessary HIP at competitive rates and will be ideally positioned to supply all the necessary documentation required in a HIP.
I am buying a new home but will be on holiday abroad when the final contracts will need to be signed?
This is a classic situation where anyone with an Enduring Power of Attorney can sign documents on your behalf allowing you to head off into the sunset on your holidays without a care in the world. EPAs provide a loved one or close friend with the legal authority to act on an individual’s behalf – whether dealing with their financial affairs or making decisions on their care and welfare.
In this particularly case, your Attorney will have the authority to sign all the documents needed to secure the sale for you with the exception of any mortgage documentation which will need to be signed before you go.
EPAs are not only proving to be a real lifeline for the elderly and sick, but particularly to the growing number of people choosing to retire abroad who need someone back home to keep an eye on and handle their affairs.
However, new legislation from October 1 will change the existing Enduring Power of Attorney regime which will not only make it more expensive to set one up, but also more complicated and inevitably expensive, too.
Take out an Enduring Power of Attorney now and this will save you hundreds of pounds and can be kept for your lifetime should you ever need to use it.
