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Conveyancing If you are buying or selling a residential property you will need to know about Home Information Packs. The Government have decided to phase in the introduction of HIPs. The first phase commenced on 1 August 2007 and applies to properties which have four or more bedrooms. The second phase commenced on 10 September 2007 and brought in all properties with three or more bedrooms. From 14th December all residential properties are now included. It will be a criminal offence, punishable by a fine of £200 if you try and sell your property without one. The process will be policed by your local Trading Standards officers and your estate agent will no longer be able to market your property without a current HIP. The authorised documents are: · the home condition report · property information form · additional property information form · fixtures and contents form · guarantees and warrantees for work already carried out on the house For leasehold properties: · most recent service charge accounts and receipts · building insurance policy details and payment receipts · regulations made by the landlord or management company · memorandum and articles of the landlord or management company. How can TBI Help? With many years experience of all matters related to property sales and purchases we are confident that at TBI we know what information a potential buyer will require. Solicitors are the natural profession to select to ensure that the new system works for you. £290 + vat Why you should choose TBI Solicitors? 1. Keeping it simple: You will at some point need to instruct a solicitor so it would be logical to avoid appointing an additional agent to organise a legally binding set of documents. TBI can prepare the replies to any additional enquiries in advance as you would expect we have the experience of eliminating irrelevant items and presenting information in a clear and unambiguous way. In the final HIP inaccurate or incomplete information is likely to raise more questions than it answers for a buyer rather than improve the chances of a sale. 2. Horses for Courses: Sellers will need help in dealing with the legal requirements of the pack and will seek guidance and advice in completing the forms. We are best placed to provide you with that advice, unlike an estate agent or third party supplier with no legal knowledge. 3. Using TBI will ensure you can pick and choose which agent you market your property with - if you take a HIP deal with an agent you will be tied in and unable to take the HIP with you if you change agents. With TBI the HIP belongs to you. 4. Peace of Mind : Don't forget that legal liability will attach to those who supply HIPs and the information that is contained in the pack. As a firm of solicitors regulated by the Law Society of England & Wales we are obliged to have sufficient professional indemnity cover. Not all providers will be so closely regulated or covered in the event of a dispute or error.
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