The Property Information Questionnaire (The PIQ) is now some five months old and is well established a component of the HIP. Despite initial scepticism and has generally been received as an enhancement.
It has also helped Sellers realise that the more information provided to potential Buyers in advance, the quicker and simpler the process becomes. When selling a Freehold house, HIPs have managed to open up bottlenecks in the procedure and have thereby speeded up the process.
With so many of the properties in your area being Leasehold Flats, the main hold-up in such cases is obtaining management information to include copy Buildings Insurance, Service charge records and accounts and Major and Future Works charges and notices. This was originally to be part of the HIP but was shelved as a compromise forced on the Government. However, Leaseholders are entitled to all this information and generally receive it from their Freeholder and Managing Agents from time to time. Keeping and collating that documentation and including it with the PIQ can help speed matters up considerably.
Your seller will need to have questions answered and points verified by the Managing Agent in any case, but they will have a lot of the information up front and so there will be no hic-cups a few weeks down the line when the Managing Agents respond to enquiries raised by the Buyers Solicitor and reveal a future works charge or higher than expected service charges.
Most managing agents provide Leasehold Information Packs which have all the usual enquires answered. A Seller wanting to create a clear path, may even consider it worthwhile obtaining the pack in advance. Management Companies charge anything from 100 + VAT to 350 + VAT. This will need to be paid by A Seller once a Buyer is found in any case and could be a worthwhile calculated risk.
What the PIQ has shown is that by supplying as much information as possible in advance, you can make the HIP work better for you.
It has also helped Sellers realise that the more information provided to potential Buyers in advance, the quicker and simpler the process becomes. When selling a Freehold house, HIPs have managed to open up bottlenecks in the procedure and have thereby speeded up the process.
With so many of the properties in your area being Leasehold Flats, the main hold-up in such cases is obtaining management information to include copy Buildings Insurance, Service charge records and accounts and Major and Future Works charges and notices. This was originally to be part of the HIP but was shelved as a compromise forced on the Government. However, Leaseholders are entitled to all this information and generally receive it from their Freeholder and Managing Agents from time to time. Keeping and collating that documentation and including it with the PIQ can help speed matters up considerably.
Your seller will need to have questions answered and points verified by the Managing Agent in any case, but they will have a lot of the information up front and so there will be no hic-cups a few weeks down the line when the Managing Agents respond to enquiries raised by the Buyers Solicitor and reveal a future works charge or higher than expected service charges.
Most managing agents provide Leasehold Information Packs which have all the usual enquires answered. A Seller wanting to create a clear path, may even consider it worthwhile obtaining the pack in advance. Management Companies charge anything from 100 + VAT to 350 + VAT. This will need to be paid by A Seller once a Buyer is found in any case and could be a worthwhile calculated risk.
What the PIQ has shown is that by supplying as much information as possible in advance, you can make the HIP work better for you.
About the Author:
We provide a wonderful level of service and have expertise as solicitors London and property solicitors. For more information please go to http://www.yvasolicitors.com/.
0 comments:
Post a Comment