HIP Expiry

[collinsc]

Hi

I am in the process of purchasing a house.

Apparently the HIP is due to expire about the time that i am due to complete.

The solicitors have said:
“If you complete your purchase after the completion date we will have to obtain an indemnity insurance policy to cover this. Cost: £26.25, admin fee £36 plus VAT”

My question is – is this my responsibility to do so, or the seller?

Thanks

Chris

 

[Shytalkz]

The HIP is valid until the property is sold. If the property is taken off the market and re-marketed within one year from the first point of marketing, the same HIP may be used.

However certain documents cannot be more than three months old for initial marketing purposes - these are:

Official Land Registry copies/official search of the index map
Local searches
Water and drainage searches

The Energy Performance Certificate can be up to three years old and be included in a HIP, they are valid for ten years otherwise.

There is no obligation to update any documents in the HIP whilst the property remains on the market.

If the property is taken off the market whilst ‘under offer' and the sale should fall through, the same HIP may be used as long as the property is re-marketed within 28 days of this happening, even if this time is more than 12 months from the first point of marketing.

Similarly, if the property had a sale agreed which subsequently fell through outside 12 months from initial marketing but was not re-marketed within 28 days; a new HIP would be required.

 

[collinsc]

Thanks for responses so far.