Home buyers - Buy to let properties

Most people are now aware that the much maligned HIP is now a reality of selling a property in England and Wales. But there are still a number of us that are unsure whether or not we actually need to supply a HIP when selling our property.

In order to answer this question we need to ask ourselves a few basic questions:-

Is the property in England or Wales?
Is the property currently used or is intended to be used solely as a residence?
Is the property being sold without a tenant who has use of the whole property?

If the answer to any of the above questions is NO then you are not required to supply a HIP.

If the answer to all of the above questions is YES then we need to ask ourselves further questions:-

Was it intended to secure a sale on the property before 1st August 2007?
Was the property placed up for sale prior to 1st August 2007?
Was the property marketed actively prior and up to 1st August 2007?

If the answer is YES to ALL of the above questions then you are not required to supply a HIP.

If the answer to any of the above questions is NO then we need again to ask ourselves further questions:-

Are you selling any of the following:-

A holiday home, where restrictions mean that you are not allowed to live in it for 52 weeks of the year.
A property that is considered unsafe for occupation that is therefore currently unoccupied.
A property that has been granted planning permission to be demolished and that has also been granted the appropriate planning permission for the redevelopment of the resulting site.
A property that may be used for both residential and business purposes.
More than one property that is being sold as one lot.
Land attached to a residential dwelling.
A non residential property that is currently, and will remain to be, used for a non residential purpose.
A property that already has a mixed use of residential and business purposes that are being sold as one unit, such as a flat above a shop.

If the answer is YES to ANY of the above questions then you may not need to supply a HIP but there are special conditions attached to all of these exceptions so it would be best to take advice prior to making any decision.

If the answer to ALL of the above questions is NO then there is one final question that you need to ask yourself:-

Does the property you are selling have 3 or more bedrooms?

If the answer to this question is NO then currently you do not have to supply a HIP.

If the answer to this question is YES then you will need to supply a HIP in order to market your property after the 10th September 2007 unless you come within the boundaries of the exceptions we have already mentioned.

With confusion still rife, it is best to be on the safe side and take professional advice as soon as you are considering selling your home.

Call Now On

0800 043 4133