Home Information Packs - What are they?
You may not have heard of Home Information Packs, or HIPs, but they are set to completely revolutionise the way residential property is bought and sold.
The packs form the main plank of the new Housing Act, which came into force on the 1st June 2007, which aims to reform the house buying process to make it quicker, more transparent, more certain and less stressful. - Well that's the aim! The idea behind HIPs is a simple one: by bringing together part of the legal documentation and other paperwork relating to a property before it is offered for sale – instead of waiting for the purchaser’s solicitor to start the ball rolling - the 3 months-plus that it currently takes to buy or sell your home once an offer has been accepted, could be cut by several weeks. Armed with the contents of the pack, buyers will be able to make better-informed decisions, with, hopefully, no nasty surprises popping up later to make them change their minds. In addition, the expected shorter transaction times should mean fewer opportunities for abuses like gazumping.
The contents of the pack has to include:
• A Home Energy Performance Certificate (EPC)
• A Sale Statement
• Evidence of ownership (eg. a copy of the title deeds & Land Registry documnetation)
• Replies to local searches & water & drainage searches
• May include a new kind of survey, called a Home Condition Report (HCR), which for the moment is optional
• For all newly built homes, full details of the accompanying warranty scheme, e.g. NHBC, etc.
Additional documentation is also required in the case of leasehold properties, i.e. copy of the lease, management accounts, freeholder information, Etc.
In order for the scheme to work properly, HIPs obviously need to be used by everyone. So as from the 14th December 2007, it is now illegal to try and sell your home without one, unless your property was on the market prior to this date. And from 6th April 2008 New Homes will also now fall within the scope of the legislation.
Contact Hamble Estate Agency and ask for the latest information!
Please also check the News & Local Information section of our site for additional information and updates on the HIP.
Email: post@hamble-estate-agency.co.uk
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