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HIP Expiry

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  • HIP Expiry

    Hi

    I am in the process of purchasing a house.

    Apparently the HIP is due to expire about the time that i am due to complete.

    The solicitors have said:
    “If you complete your purchase after the completion date we will have to obtain an indemnity insurance policy to cover this. Cost: £26.25, admin fee £36 plus VAT”

    My question is – is this my responsibility to do so, or the seller?

    Thanks

    Chris

  • #2
    HIPs don't expire but the local search in them can. Presumably the cost squoted is for a local search indemnity policy to provide protection against something nasty comeing up if a search had been carried out later.

    It is a matter of negotiation who pays for it. Seller says that they didn't want to do a HIP but wer forced to by the governement, and as buyers always had to do their own searches the buyer can pay for it.

    Buyers say that they reasonably expected not to have to pay extra because search had run out. Therefore seller should pay.

    Arguments about this type of thing can delay a sale proceeding so many buyers simply pay to ge the transaction moving.
    RICHARD WEBSTERwww.rwco.co.uk
    As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

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