Homeowners take advantage of HIPS Loophole
New data has indicated that homeowners are taking full advantage
of a loophole found in the system of Home Information Packs
Following the latest extension of Hips on applying to three-bedroom
homes, Abbey states that many homeowners are now trying their
hardest to disguise their additonal bedrooms to steer clear of
purchasing one of Hips packs.
A proven report requested from Abbey during August period showed
an approximate 4.5 million people with a four-bedroom property,
believed that disguising a fourth bedroom to a playroom, study
or leisure room would simply save money.
Research gathered showed that an additional four million people
are to carry out the same strategy, scaling a three- bedroom
house to a two-bedroom property, a little creative philosophy
Investigators have found out that false declaration of bedrooms
in an estate could disturb its significance in the long term.
Abbey's head of mortgages, Nici Audhlam-Gardiner commented, "Remarketing
your home as a two-bedroom house with a study, you’ll become
invisible to thousands of potential buyers that are searching
online, specifically, for three or four bedrooms."
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