Selling Flat HIP over six months old

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    Selling Flat HIP over six months old

    I appreciate this may not be the right place to post but did not know who else to ask!!!

    I’m selling my flat and had the HIP done in January this year. I accepted an offer last month and proceedings started between my solicitor and the buyers solicitor.

    I have received a letter today saying that the searches will be six months old at the point of completion and the buyers mortgage lender MAY not lend as the search should be no older than six months. We are aiming to complete in mid July.

    My solicitor has said the buyer should pay for another search if they want. I am obviously more comfortable with the buyer footing the bill!! But cannot help but think, if my HIP is out of date, I should pay for it???

    What do you guys think?

    Would the lender really refuse the loan against the flat if the HIP were seven months old rather than six?

    #2
    So far as concerns the preliminary search results, most mortgagees accept validation indemnity insurance. Besides Local Authority bits [LLC1/CON29R], it also covers CON29M [mining] and CON29DW [drainage/water].Your solicitor can arrange this on a ready-to-issue policy.
    JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
    1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
    2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
    3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
    4. *- Contact info: click on my name (blue-highlight link).

    Comment


      #3
      Originally posted by timcs View Post
      I appreciate this may not be the right place to post but did not know who else to ask!!!

      I’m selling my flat and had the HIP done in January this year. I accepted an offer last month and proceedings started between my solicitor and the buyers solicitor.

      I have received a letter today saying that the searches will be six months old at the point of completion and the buyers mortgage lender MAY not lend as the search should be no older than six months. We are aiming to complete in mid July.

      My solicitor has said the buyer should pay for another search if they want. I am obviously more comfortable with the buyer footing the bill!! But cannot help but think, if my HIP is out of date, I should pay for it???

      What do you guys think?

      Would the lender really refuse the loan against the flat if the HIP were seven months old rather than six?
      Tim - the HIP isn't out of date - a HIP has no shelf life and could last forever unless there is a change of ownership or the property is remarketed. However as you have been told some mortgagors have rules about search expiry times. I would agree with your solicitor that the purchaser should pay. The cost of the (personal) searches is about £140 +VAT for land and water. You might want to 50/50 if you purchaser is being difficult....

      Comment


        #4
        Your home information pack is not out of date. Take a look at the DirectGov website.

        Has the buyer's mortgage lender made any fuss about the age of the searches? If not, you do not need to do anything, except continue with the sale.

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