Further, vendors will now also be required to complete a new Property Information Questionnaire (PIQ) detailing important pre-sale information such as the home's council tax band, parking arrangements, utilities and any structural alterations.
However, with many vendors likely to need assistance in completing the PIQ, AHIPP is warning agents that they should be speaking with their pack providers now and putting systems in place to ensure the new document does not slow down the marketing of any homes.
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Mike Ockenden, Director General, AHIPP comments: "Our members are turning HIPs round in an average of five days. As a result, this new legislation is unlikely to delay consumers looking to sell their home. However, with vendors playing an increasingly important role in the HIP compilation process it is essential that agents provide them with the necessary information and make them aware that their PIQ must be completed before their home can be marketed.
"With agents subject to fines under the Property Misdescriptions Act should they complete the PIQ incorrectly on behalf of their vendor, I would advise that the safest and most efficient route to getting the form completed and submitted will be to pass on this responsibility to your chosen pack provider. The majority of our members are offering a PIQ completion service to assist vendors with the form - this will not only avoid any delays, but it will mitigate any responsibility from the agent."
(CD/JM)
