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Government sends estate agents definitive HIP date

The Department of Communities and Local Government has sent a leaflet to all estate agents in England and Wales that prominently states that Home Information Packs will become law on June 1 2007.

Hipstar says this is the most proactive statement to date to confirm that there is no likelihood of a deferment to the HIP programme.

The leaflet, titled Home Information Packs, is your business prepared?, outlines the obligations and duties of an estate agent, the contents of a HIP and advises agents to choose a HIP provider.

Stephen Maskens, chief executive of Hipstar, says: It really is about time that the government engaged directly with estate agents to dispel some of the doubt that HIPs will arrive on June 1.

“It is a fact that many estate agents and mortgage brokers still have very poor knowledge levels about HIPs and are unprepared to implement them.

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Dear Delia

Dear Delia, Wayne has inherited 50,000 and wants to buy a holiday home. He will rent the property out and occasionally use it for family holidays. He has seen a property in Cornwall for 250,000. He is earning sufficient income to support his mortgage and commitments and support the new loan but he can’t find a lender who will lend up to 80% LTV for a holiday home he may use himself. What are his options?

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