Fridays would urge the government to consider making an exception to first day marketing in a situation whereby the seller is under threat of repossession
Changes to Home Information Pack (HIP) regulations next week will mean that the marketing of a residential property cannot occur until a substantial proportion of the HIP is complete. Fridays Property Lawyers have warned that the new regulations will make things particularly difficult for those most affected by the current housing slump and have called for the government to make an exception to the rules for homeowners facing repossession proceedings.
Simon Seaton, director Fridays Property Lawyers comments: “Sellers are currently faced with having to spend up to £400 on a HIP to put their property on the market but as from 6 April 2009 they will not be able to their property until such time as the majority of the Home Information Pack has been completed. Leaving aside the question as to whether or not the more vociferous anti-HIP campaigners are correct in stating that the HIP legislation represents an erosion of peoples civil liberty to market their property as and when they like, what cannot be disputed is the fact that the category of sellers most severely hit as a result of the legislative changes are those in the process of being repossessed”.
According to Seaton, many sellers in recent months have advised agents and conveyancing lawyers that despite the legal requirement for a Home Information Pack, they simply cannot afford to pay the upfront cost.
“Those facing repossession are in a very precarious financial position as they are caught between a rock and a hard place. Most sellers facing repossession are not able to afford the outlay for the HIP but, on the other hand, they need to market their property as quickly as possible to stave off repossession in order to protect any remaining equity. The impact of the removal of fist day marketing from the 6th April is yet another body blow for homeowners facing repossession. Fridays would urge the government to consider making an exception to first day marketing in a situation whereby the seller is under threat of repossession proceedings by their lender” adds Seaton.
In recent months the government has introduced various measures to try and stem the tide of repossessions. Seaton advocates that “a slight amendment to the HIP regulations to allow sellers to market their property as quickly as possible would greatly assist those with the unfortunate prospect of repossession. With at least 2 million people coming off cheaper fixed-term deals this year and with many likely to struggle to find another mortgage, it is essential that ministers offer as much relief as possible to those most vulnerable. Such an initiative wouldn’t cost the tax payer a penny”.
In the spirit of the proposal, Fridays are offering a free Home Information Pack to any sellers who have had repossession proceedings instigated against them.
Their online PIQ is now live and can be viewed at http://fridaysmove.com/propertyinformationquestionnaire/inde...
About Fridays Property Lawyers
Simon Seaton is a director of Fridays Property Lawyers, a law firm specialising in residential property conveyancing. Registered with the Council of Licensed Conveyancers, Fridays are highly experienced in all aspects of conveyancing. They were the first to provide a free, online “assisted” Property Information Questionnaire (PIQ) service and continue to provide Home Information Pack and conveyancing services.
Contact Information: email@example.com Telephone: +44 (0)20 7239 1354 Web: http://www.fridaysmove.com/
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