Searches and EPCs are still required. It remains the seller’s responsibility to provide an EPC prior to marketing the property. However the buyer will obtain a local authority and drainage search once an offer to buy a house is accepted. The effect of cancelling the requirement for a HIP is not as significant to a potential buyer as you may think. The provision of a HIP did not necessarily save a buyer from paying these costs as often the searches were out of date or in a format not acceptable to the mortgage lender and had to be renewed. It is generally accepted that the suspension of HIPs has had a positive effect on the housing market with a resultant increase in the number of properties being marketed. |
