pauline wrote:Hi Peter
I think that I know where you are coming from when you say that it is technically possible (barring the hassle factor) but am I correct in my belief that the 'ordinary home owner' would find it financially unviable because of the insurance implications?
I looked at the DCLG site a long time ago and can't remember the details but my vague recollection (from somewhere else, perhaps) is that the HIP itself must have some insurance attached (in addition to its component parts) and I wouldn't have a clue where the 'ordinary home owner' would get this from.
Or maybe the insurance aspect was an obligation of being a member of the Hip Code?
Either way, unless someone has a lot of time to spare, I agree, is it really worth it?
Hi Pauline...long time no phone call! Hope you are well!
If I may add my voice:
Everybody does (and should) worry about insurance.
Let me see if I can make things clear (if not for you, for others).
The "already insured" documents of a standard HIP;
The Personal Local Searches of the Local Authority, including required responses to the Con29R form, are required under the HIP Regs to carry the minimum of £2000 000 of "omissions insurance" (I am sure I do not need to explain this to the industry pro's).
Any person that wishes to comply with the damp squib we know as the Search Code must have an additional £2000 000 PII to cover any negligence while compiling such searches.
The EPC Carries the minimum Insurance (set out by the Government), and home owners in general will not be able to undertake the assessment of their own home (under the present government at least) due to the lack of adequate qualification.
The CON29DW carries insurance cover from each respective water company.
The Official copies of the Register & Plan. We can only get these from Land Registry (directly or otherwise). Land Registry provide (by statement) cover for any errors in these documents.
We are left with a Sale Statement: Completed by the seller and very hard indeed to get wrong.
The Index: Completed by whoever is compiling the HIP and simply illustrates dates on documents and documents provided in the HIP (hard to sue against in my opinion).
So to answer you question, not a lot needs insurance really. All the important parts have already been covered. I think the government got this bit spot on!
The actual legislation does not require HIP Provision Insurance. So far as I can tell.