Often, one of the courses of action of an executor/trustee of a Will, is to sell the family home after the last owner has died.
On 1 August Home Information Packs (Hips), paid for by house sellers, were introduced into England and Wales. The Scotland version starts in 2008.
The contentious packs contain title deeds, local searches and an energy performance certificate and will probably cost £400-£700 to get them together.
To begin with, just properties with four or more bedrooms will have to have a Hip, but the government plans to expand the scheme to all properties quite soon.
This could slow down the number of houses that are sold as critics argue Hips make house-selling more expensive and bureaucratic.
Severe penalties for putting a property up for sale without a Hip can be expected. If sold through an estate agent, they’ll be penalized as well id there isn’t a Hip in place.
Homeowners who have not custom prepared a Hip by the time they put their house up for sale can face fines of up to £200 a day.
Trustees and executors should ensure they follow the law with regard to preparing a Hip as they will be personally liable for the fines if they don’t - not the deceased’s estate!
Filed under: probate services
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