The Government has delayed the final rollout of Home Information Packs (HIPs) until the end of the year as the property market continues to slump.

 

The delay comes as figures reveal that the number of buy-to-let mortgages has fallen by 40 per cent in a month.

 

HIPs are compulsory since December 2007 and homesellers have to order one before putting a house on the market. However, they do not have to actually complete it.

 

Full roll-out was due at the end of the month when sellers would have to complete a HIP, with other details such as local searches, title deeds and an energy performance certificate.

 

Meanwhile the Law Society has issued advice on ‘gazundering’ – the practice where a buyer drops their offer close to exchange of contracts – which solicitors say is on the increase.

 

Law society vice president solicitor Paul Marsh advises sellers to talk direct to the buyer and not let estate agents get in the way. Building up a relationship with the buyer is the best way to avoid ‘gazundering’, he says.

 

 Marsh advises sellers that they need to set a timeline for the process. “Tell them you expect to exchange within three or four weeks because your solicitor’s got all the paperwork ready and you should be able to proceed very quickly.”