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8th May 2008 Government announces the extension of the temporary first day marketing provisions until the 31st December 2008
Extract from a statement by Caroline Flint Minister of State on the 8th May 2008
I am today laying amendments to the Home Information Pack Regulations to extend the temporary first day marketing provision, and to extend the temporary provision requiring HIPs to include the "Lease" only and to "authorise" other leasehold documents, from 1 June to 31 December 2008.
The temporary first day marketing provision allows a property to be marketed without a HIP where the documents required for inclusion in the HIP have been commissioned and paid for, or arrangement for payment been made and are expected to arrive within 28 days.
We introduced the temporary first day marketing provision in order to help smooth the implementation of HIPs, and our evidence shows that it has been effective in doing this. However, we believe that a further period of the flexibility provided by the measure would be prudent. I am, therefore, laying an order to amend the Home Information Packs Regulations to extend the provision from 1 June to 31 December 2008.
The temporary provision requiring HIPs to include the "Lease" only, and to "authorise" other leasehold documents was introduced in response to concerns about delays and additional costs in obtaining leasehold information. This provision is also due to expire on 31 May 2008.
At the time the provision was introduced we also commissioned Ted Beardsall, Deputy Chief Executive of the Land Registry, to undertake a short assessment of the scale and nature of the problems with leasehold information and to advise on possible solutions. Ted Beardsall's assessment confirms that there are a number of longstanding issues in the provision and cost of leasehold information, which HIPs have thrown the spotlight on; agrees that the inclusion of all leasehold information prior to marketing would cause serious difficulties; and recommends further work to resolve them.
What is clear from the assessment is that it would be premature to lift the current temporary requirement for the lease only, before carrying out the further work it recommends. I am also, therefore, laying an order to amend the Home Information Pack Regulations to extend the temporary provision for leasehold requirements from 1 June until 31 December 2008.
In the interim period, I have asked Ted Beardsall to convene a working group of key industry representatives to develop the options identified in his assessment into practical solutions…….
Extract from a statement by Caroline Flint Minister of State on the 8th May 2008
I am today laying amendments to the Home Information Pack Regulations to extend the temporary first day marketing provision, and to extend the temporary provision requiring HIPs to include the "Lease" only and to "authorise" other leasehold documents, from 1 June to 31 December 2008.
The temporary first day marketing provision allows a property to be marketed without a HIP where the documents required for inclusion in the HIP have been commissioned and paid for, or arrangement for payment been made and are expected to arrive within 28 days.
We introduced the temporary first day marketing provision in order to help smooth the implementation of HIPs, and our evidence shows that it has been effective in doing this. However, we believe that a further period of the flexibility provided by the measure would be prudent. I am, therefore, laying an order to amend the Home Information Packs Regulations to extend the provision from 1 June to 31 December 2008.
The temporary provision requiring HIPs to include the "Lease" only, and to "authorise" other leasehold documents was introduced in response to concerns about delays and additional costs in obtaining leasehold information. This provision is also due to expire on 31 May 2008.
At the time the provision was introduced we also commissioned Ted Beardsall, Deputy Chief Executive of the Land Registry, to undertake a short assessment of the scale and nature of the problems with leasehold information and to advise on possible solutions. Ted Beardsall's assessment confirms that there are a number of longstanding issues in the provision and cost of leasehold information, which HIPs have thrown the spotlight on; agrees that the inclusion of all leasehold information prior to marketing would cause serious difficulties; and recommends further work to resolve them.
What is clear from the assessment is that it would be premature to lift the current temporary requirement for the lease only, before carrying out the further work it recommends. I am also, therefore, laying an order to amend the Home Information Pack Regulations to extend the temporary provision for leasehold requirements from 1 June until 31 December 2008.
In the interim period, I have asked Ted Beardsall to convene a working group of key industry representatives to develop the options identified in his assessment into practical solutions…….
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