 |
 |
Established 1990 |
|
|
| If you place a property of three bedrooms or more on the Market from 10th September, 2007, you now need to produce a Home Information Pack (HIP) for that property. This is one of the most fundamental changes to the way we buy and sell properties in the UK. The intention of this key piece of legislation is to improve the buying and selling process by giving buyers more information from the outset, so they can make an informed decision early on and will, therefore, help to reduce the number of aborted transactions that take place.
All Home Information Packs must contain:
Should you require any more information on HIPs, or for any other advice on buying or selling, please contact us on 02476551919 or visit www.alternativeestates.co.uk Frequently Asked Questions What is a Home Information Pack? A Home Information Pack (HIP) is a set of documents which legally must be provided by a seller with a property of three bedrooms or more, which will give a potential buyer key information about the property for sale. When is a HIP due to be compulsory? A HIP becomes mandatory for all properties with three bedrooms or more (from10/09/07), (four bedrooms - 01/08/07) Thereafter, it will not be possible to market a residential property with three bedrooms or more until a HIP has been commissioned. What will a HIP cost me? The cost of a HIP will be somewhere between £249 and £369 (plus vat) without the voluntary Home Condition report If I have a two bedroom property can I have a HIP? Legally, you don’t need one. However, if you feel it would help sell your home, then we can arrange one for your property, but we would look to you to pay the cost we are charged by one of our appointed HIP Providers. When will it become law for properties with two bedrooms or less to need to have a HIP? The Government has stated that once there are sufficient energy assessors trained and registered they will then include all types of residential properties. To avoid having to have a HIP, can my third bedroom property be described as a two bedroom home with a study? We would recommend against this as it may adversely affect the value/saleability and would mislead would-be buyers. How do I get a HIP? Leave it to us. Once you instruct us, we take care of the rest. We will do all we can to obtain the HIP for your home as soon as practically possible. How soon after commissioning a HIP will it be ready for buyers to view? We estimate that it will take under 14 days but the Government expect all HIPs to be issued within 28 days. How will buyers be able to view a HIP? There will be various ways for buyers to view a HIP. We would expect most buyers to view the information online. However, there will also be the option of viewing a paper copy at one of our branches or purchasing a printed copy of the HIP. When can buyers view a HIP? As soon as the commissioned HIP is produced, a buyer will be able to have a look at it. How reliable is the information in a HIP? The documents in the HIP are, with the exception of the EPC, legal documents that can be relied on. However, a buyer’s solicitor may recommend to his or her client that various elements, such as the local search, may need updating at the point of sale. The EPC is compiled by a qualified Energy Assessor so there should be a standard level of consistency in the way these reports are prepared. If a sale is agreed on my property before the HIP is ready, will it delay the sale? No, you can proceed with the conveyance, irrespective of whether the HIP has been produced or not. However, we will always commission a HIP where required so we can forward the information onto the buyer, or their legal representative, as soon as we receive the information. |
|