Home Information Packs (HIPS)
From 14 December 2007, it was made a legal requirement that whoever is marketing a residential property is responsible for ensuring a valid pack of information about the property is available. This pack of information is called a Home Information Pack (HIP).
The requirement for a HIP has been introduced to help make it easier for people to buy and sell homes in England and Wales.
A HIP is intended to reduce possible delays when a suitable buyer has been found and to make available to prospective buyers detailed information about the property from the outset. With this transparency of information, they can then make a more informed decision before making an offer to buy the property.
From 6 April 2009, a further change in law means that requesting and paying for a HIP will not be enough, should you decide to market your home after this date. There is a minimum requirement for the following documents to be in place BEFORE marketing can commence:
- Index and Sale Statement
- Energy Performance Certificate (EPC)
- Land Registry Title Documents *
- Completed Property Information Questionnaire (PIQ) This is a new document that must be fully completed by the seller. If the PIQ is not fully completed, it is deemed as non-compliant.
* Documents providing title information for unregistered homes will still be required, but can be provided at a later date, but no later than 28 days after marketing commences. This is also true for the remaining HIP documents, i.e. Local Authority searches, Water & Drainage searches and the Lease (if applicable).
One of the required documents, the Energy Performance Certificate (EPC) will need to be completed by a Domestic Energy Assessor (DEA).
The EPC will show a rating of the overall energy efficiency of your home – the higher the rating, the more energy-efficient the home is and the lower the fuel bills will be.
It will also show an environmental impact rating of your home in terms of carbon dioxide (CO2) emissions – the higher the rating, the less impact on the environment.
The above is a brief outline about Home Information Packs. For further information, or to obtain your HIP ready for marketing, contact one of our HIP advisers now.
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