The Energy Performance Certificate (EPC) will be retained. Sellers will still be required to commission an EPC, but won't need to have received it before marketing their property.
The suspension is in effect until primary legislation can be granted but it is highly likely this will happen.
Melissa Richards
, head of the conveyancing team at Steeles Law comments:
"The suspension of HIPs is as an attempt to boost the currently fragile housing market and to encourage people to place their properties on the market.
It will remove unnecessary regulation from the home selling process and reduce the cost of selling a home, meaning a saving for sellers of approximately £870m over ten years, which will give sellers more money in their pockets to spend in the wider economy.
The news has been welcomed by The National Association of Estate Agents who stated that HIPs had “failed to benefit homebuyers and actively discouraged sellers”
The original aim of the HIPs was to speed up the house selling process by obliging sellers to provide much of the required conveyancing information when properties are first put up for sale. Lawyers have found however that in many instances, the searches need to be renewed due to them being out of date at the point of actual sale, and therefore the transaction time is not reduced at all."
For further information on the suspension of Home Information Packs, on Energy Performance Certificates or any other conveyancing matters please contact Melissa Richards on 01603 598000 or mrichards@steeleslaw.co.uk.