News & Insights
Property lawyer predicts housing boost in wake of HIPS being scrapped
Nicola Neilson, who is head of Latimer Hinks Residential Property Department, believes that HIPs have been a significant barrier, particularly to home owners who wanted to test the state of the property market.
The requirement for packs has been suspended for those who are now putting their homes on the market, but those who started to market their home before May 21 still will have to provide a HIP to potential buyers.
The Government plans to bring in legislation to outlaw HIPs completely.
Nicola Neilson said: “Many speculative sellers were put off from putting their house on the market by the cost of commissioning a HIP, which could run to several hundred pounds.
“Now this barrier has been removed, home owners are more likely to put their house up for sale to see if there is any interest, which should help stimulate the market.
“There are other obstacles that need addressing such as a lack of mortgage finance an issue particularly affecting first-time buyers – which would further support a revival in the housing market. However, the decision to waive the need for a HIP is a step in the right direction.
Nicola Neilson, who is Senior Vice President of The Tees Valley Law Society, also deals with the sale and purchase of commercial property and commercial landlord and tenant work.
Nicola, whose clients range from those with one property to those with large portfolios, also works alongside the corporate partners at Latimer Hinks dealing property elements of legal transactions.
