The current regulations provide that, where marketing is
continuous there is no duty to update the HIP: it is for the market to decide whether
the documents in the pack remain valid.
In addition, where marketing has stopped
because the seller has accepted an offer or the property has been withdrawn from the
market for some other reason, the rules provide that there is no duty to renew the
pack, provided that the property is remarketed within 28 days of the withdrawal date or
the date on which the transaction failed.
However, if a property is taken off the
market for any reason within the first few months and remains off the market for longer than
28 days a new HIP may be required and this could potentially create an additional
unnecessary burden on the seller.
It became clear following representations by
stakeholders that this could present an additional and unnecessary burden for these sellers.
To correct this
proposed that the duty to refresh time sensitive parts of the HIP will not arise where the property is remarketed by the same
seller within one year of the original marketing date.
Again, it will be up to the market to determine whether any documents in the HIP require updating and
at what intervals.
We will continue to keep this under review following 1