client information sheets

The Home Information Pack (HIP) Regulations came into force on the 1 August 2007. Initially, they were only relevant to residential properties with four bedrooms or more, but from the 14 December they will affect all properties. This information sheet highlights the key points which you should be aware of when selling your property.

It is a general rule when you buy a property that any problems with that property after you buy will be your problems! It is up to you to satisfy yourself about the structure and condition of the property before you buy.  It is unlikely that you will have a comeback against the seller if there are problems. 

From 1 December 2003, stamp duty was abolished and a new tax called stamp duty land tax (SDLT) was introduced which affects all land transactions. Stamp duty has been payable according to the document by which the sale (or lease) was effected and solicitors acting for the buyer (or lessee) would have completed the necessary forms on their behalf. Under the new regime, on completion of a land transaction, the person responsible for paying the duty (normally the buyer or the lessee) will be required to complete and sign a Land Transaction Return.  This form must be signed by you, the tax payer. 

Where an empty property is being sold the buyer will often enquire whether he might be allowed to have a key so as to gain access prior to completion.  This may arise for a variety of reasons, either because he wishes to carry out repairs, alterations or painting; to move some of his furniture in or just to clean prior to moving in.

The UK is a major international financial and legal centre with a high reputation for honesty and integrity. Unfortunately that is why professional and financial businesses like banks and solicitors firms are attractive to money launders – criminals who sometimes try and hide stolen money by turning it into legitimate income.