Director Jo Eccles said: "The one clear benefit of the revised HIPs legislation is the PIQ, which is extremely useful for buyers.
"There are a large proportion of leasehold properties in London, and the PIQ details the lease length, service charge and ground rent, among other information, which means that buyers immediately know what they’re dealing with.
"Consequently, buyers no longer have to rely on the vendor/agent’s word or memory about these details, thus reducing the risk of potentially finding out something to the contrary once the buying process has started and they are already paying legal fees.
"Also, the upfront cost of a HIP can act as a type of quality control, deterring speculative vendors who want to ‘test’ the market, which can be incredibly frustrating for all parties (buyers, estate agents, search agents) – in theory vendors won’t pay for a HIP if they’re not serious about selling.
"HIPs are understandably a contentious issue, but in my view, anything that provides detailed information on the property upfront has to be more helpful to the market in the long run."
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