HIPS are here!
From 10th September 2007, Home Information Packs (HIPS) were implemented on properties with three for more bedrooms.
This means that all homeowners will have to order a HIP before they put their property on the market.
The Government has introduced the Home Information Pack with the aim of improving the process of buying and selling a home.
Easy Way has compiled the following FAQ's to guide you through this process.
What is in a Home Information Pack?
The pack will contain key documents that are normally required when a house is bought or sold. Some documents will be compulsory and some are optional -
- An Index (a list of contents)
- A Sale Statement (summarising terms of the sale)
- Evidence of Title
- Standard Searches (i.e. Local Authority Enquiries and a drainage and water search)
- An Energy Performance Certificate.
The following may also be added on a voluntary basis
- A Home Condition Report
- Guarantees and Warranties
- Other searches .
What is an Energy Performance Certificate?
This will tell homebuyers and sellers about a home's energy efficiency - using A-G ratings like those used to rate fridges and washing machines. This certificate will be attached to your sales details. The EPC is prepared by Domestic Energy Assessors or Home Inspectors who are members of a Government approved Certification Scheme. Access arrangements will made with you for this purpose.
What is a Home Condition Report?
This will contain information about the physical condition of the property. Whilst this is voluntary, a good report will be a great selling tool for your property. You would also have an early opportunity to carry out repair work on your home or prepare quotes ready for marketing.
Who will compile my Home Information Pack?
We will! Easy Way will arrange for your pack to be prepared. Our partner Simply Hip will contact you and together we will guide you through the process.
How long will the pack be valid?
There is no shelf life to the pack, however the searches are only valid for 6 months and if a sale is not achieved before then, the purchaser's solicitors will insist that new searches are obtained.
Who has the right to see my Home Information Pack?
The pack will be available online and may be viewed either at our office or on a home computer. A prospective purchaser would need a PIN number from us to access the site. All prospective purchasers have the right to view the HIP, however we can restrict this according to your wishes. A bound paper booklet will be available to purchase either by you or a purchaser. The cost of this copy would be confirmed on enquiry.
How much will the Pack cost?
Costs will be confirmed on enquiry.