First Day Marketing Extended
The Government has announced a six month extension to the first day marketing provision as laid down in the Home Informtion Pack (No 2) Regulations 2007.
In effect this means that marketing a property can commence once a HIP has been ordered rather than it being compulsory to have a compliant HIP available prior to marketing
For further detail please see an extract from the Government announcement below
I am today laying amendments to the Home Information Pack Regulations to extend the temporary first day marketing provision, and to extend the temporary provision requiring HIPs to include the "Lease" only and to "authorise" other leasehold documents, from 1 June to 31 December 2008.
The temporary first day marketing provision allows a property to be marketed without a HIP where the documents required for inclusion in the HIP have been commissioned and paid for, or arrangement for payment been made and are expected to arrive within 28 days.
We introduced the temporary first day marketing provision in order to help smooth the implementation of HIPs, and our evidence shows that it has been effective in doing this. However, we believe that a further period of the flexibility provided by the measure would be prudent. I am, therefore, laying an order to amend the Home Information Packs Regulations to extend the provision from 1 June to 31 December 2008.
The temporary provision requiring HIPs to include the "Lease" only, and to "authorise" other leasehold documents was introduced in response to concerns about delays and additional costs in obtaining leasehold information. This provision is also due to expire on 31 May 2008.
What is clear from the assessment is that it would be premature to lift the current temporary requirement for the lease only, before carrying out the further work it recommends. I am also, therefore, laying an order to amend the Home Information Pack Regulations to extend the temporary provision for leasehold requirements from 1 June until 31 December 2008.
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