Hips introduced today
August 1, 2007 by admin
Filed under News, News-Mortgages
Home insurance packs (Hips) are introduced today across England and Wales.
The Office of Fair Trading (OFT) also warned estate agents yesterday that it would get tough on those who were found in breach of the new regulations.
The packs are now mandatory on the sale of all four-bedrooms or more homes, with all other houses to be covered as the policy is rolled out in future months.
A ban can now be imposed by the OFT on any estate agent found to be in breach of the new Hips regulations, after the issuing of a Warning Order first.
Head of consumer protection of the OFT Mike Haley said that “it is important that agents are aware of their obligations and the possible consequences if they fail to comply.
“If an agent fails to comply, this could trigger an investigation into an agent’s fitness to continue estate agency work.”
Originally drafted in June 2006, the legislation has suffered many setbacks, including facing a parliamentary vote to decide whether Hips be scrapped, and also being delayed from its original introduction date on 1st June this year.
