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The HIP Explained (HIPS, Home Information Pack, or Home sellers pack as it's sometimes referred to)
Since the 1st of August 2007 anyone selling a house with 4 or more bedrooms has needed a Home Information Pack (HIP), which must include an Energy Performance Certificate (EPC), and from the 14th December 2007, all properties marketed for sale must have a HIP. You may be aware of the negative vibrations surrounding the HIP requirement but it’s really nothing to worry about. In fact, as it will reduce the amount of wasted time and money spent on so many sales falling through after weeks of negotiations, it should be something to celebrate! It has been my experience, that anyone who is against this new system, really doesn’t fully understand it, or they are one of the many who are involved in making money for nothing by charging 2 or 3 times for the same job as different buyers become involved the in the same property. The Home Information pack contains all the information that would have to be supplied for every sale in the old system only it is ready at the beginning of the sale instead. This means your potential buyers can see exactly what they are getting up front, so once they decide they want to buy, there are no surprises to come up at a later date to give them a reason to pull out! Not only that, but first time buyers are able to save the usual costs of getting the searches etc. done, making it easier to get into the market. This of course is helpful to the whole market in the long run as it keeps everything moving (no pun intended!). And, as one of my clients pointed out, it has rid the market of the many 'test the market' sellers, who are not really interested in selling! They may put their property on the market 'just to see', wasting everyone's time. Now sellers have to pay for a HIP before marketing, you can be much more certain that the house you are viewing is actually for sale! The only thing in the home information pack which wasn’t there before is the EPC but this is actually a great addition. Not only will it give you and your buyers advice on how/where you could save money on fuel bills but it will make everyone aware of how we as a country can reduce the carbon dioxide emissions from our homes and help save the planet. This can’t be a bad thing! Altogether, the HIP is an upfront snap shot of the house you are selling, making it easier for your buyer to make an informed decision as quickly as possible. From 6 April 2009 a property can not be marketed until a basic/partial/short HIP is in place. The documents required to be in the partial HIP are: - Index
- Property Information Questionnaire (this is a new document)
- EPC (Energy Performance Certificate)/ PEA (predicted assessment, for homes that have not been finished at the time of sale)
- Sustainability information (new homes only)
- Sale statement
- Evidence of title (Official Register and Title Plan from the Land Registry, or an Epitome of Title)
The remaining documents required to be in the full HIP are: - Standard searches (which means all questions on the Con29R are to be answered and the Drainage & Water searches)
- Lease (where appropriate)
- Epitome of Title (for unregistered properties - you can ask your Solicitor to organise this for you, or we can call them on your behalf)
Our HIP service also extends to the following areas:
Coventry, Earlsdon, Binley, Tile Hill, Canley, Keresley, Nuneaton, Bedworth, Leamington Spa, Shipston on Stour, Kineton, Warwick, Bubbenhall, Allesley, Coundon, Holbrooks, Longford, Bell Green, Wood End, Henley Green, Radford, Stoke Heath, Whoberley, Spon End, Wyken, Stoke Aldermoor, Cheylesmore and Whitley.
For more information, please feel free to contact me and I will do my best to help make sense of it! Emma Baker
Email:
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Last Updated ( Tuesday, 02 February 2010 16:43 )
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