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16 February 2010

Buy a flat

I've recently found a flat I want to buy and had an offer accepted. However I've just been told that there is no HIP yet. I thought this was legally required before the property is marketed. Further more, it's share of freehold but with a 99 year lease. As it was converted recently from a house and not been sold yet, the lease isnt ready yet either (which may explain why the HIP isnt ready yet). The buyer is refusing to take it off the market until I get a survey done, but I'm reluctant to spend any money until I can see the HIP and the lease. I know he's supposed to have a HIP but what are the penalties for not having one? Many thanks in advance.

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