| WHAT IS A HOME INFORMATION PACK? A home information pack (HIP) is a set of documents intended to provide important information about a property, to help home buyers make an informed decision when making an offer. Prior to ihe introduction of HIP's this information was usually made available to the buyer after an offer was accepted, leading to potential renegotiation, delays or collapse of the sale. The HIP ensures that key information is available earlier in the process and the newly introduced Energy Performance Certificate forms part of wider essential reforms to cut carbon emissions. WHAT'S IN A HOME INFORMATION PACK? The following documents are "required" to be included in a HIP:  Home information pack indexEnergy performance certificate (EPC), or predicted energy assessmentSale StatementOffice copies of land registry title and planLocal authority searchDrainage and water searchSearch index map (SIM) and evidence of title if unregisteredCopy of lease (if leasehold) plus ground rent and management company informationCommonhold statement (if commonhold) plus service and management charge informationCopy of new home warranty (if applicable)Additional "Authorised" or permitted documents include: Home condition reportHome use/contents formAdditional relevent searchesWarranties/guaranteesThe intention is that the introduction of HIP's will: Speed up the house buying processImprove sales success rates and reduce failed transactionsMake the process more efficientReduce the stress associated with movingEnsure the process of home buying and selling recognises 'green' issuesWHEN IS A HIP REQUIRED? Until the 5 April 2009 properties can be marketed as soon as a HIP is ordered. Energy Performance Certificates must be provided before contracts are exchanged; currently there is no set time limit on when the HIP needs to be provided. From April 2009 a HIP will be required before a property can be marketed. Marketing means to 'make public' or advertise that a property is for sale. Buyers intending to make an offer have a right to view the HIP before doing so. WHO ORDERS A HIP? It is the responsibility of the person marketing the property to obtain a HIP. This is normally an Estate Agent, however, if the seller chooses to market the property privately the resposibility lies with them to ensure a HIP has been ordered. Your Estate Agent can advise you if any additional information should be included in your HIP to speed up the sale. HOW MUCH WILL A HIP COST? The cost of a HIP varies according to the company used to produce it and the way it is presented. Some companies charge according to the size and type of property. Terence Painter Properties via it's HIP providers offers a fixed fee for HIP's for all property types and sizes with no hidden extras' please ask a member of our sales team to provide you with a quote. Payment can be made on ordering or deferred for up to 10 months or until the property is sold. We will advise you of payment schemes available. IS A HIP NEEDED IF THE PROPERTY WAS ON THE MARKET BEFORE 1 AUGUST 2007? Properties that were on the market before the commencement date (i.e 1 August 2007 for sales of homes with four or more bedrooms or 10 September 2007 for three bedroom properties) will not need a HIP. If the property is withdrawn from the market for sale, for a period of 28 days or more, when it is subsequently remarketed a HIP will be required. This exemption applies for as long as the marketing continues, although the Goverment may appoint a date by which all properties need to have a HIP,this is expected to be in April 2009. |
|