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Home Information Packs
What is a Home Information Pack?
A home information pack (or HIP) is a collection of documents providing important information about being offered for sale. This will include information such as the energy efficiency of the property, information held by the local authority that may concern the property such as any planning or development issues and details concerning the legal ownership pf the property. You will need to order your HIP before you can begin to market your property.
Why are Hip’s being Introduced?
Hips are being introduced as Government research suggests that £350 is wasted by consumers every year as a result of aborted housing transactions. By requiring the seller to compile important property documents upfront, both buyers and sellers will be more informed. This should mean that fewer transactions fail due to problems coming to light after an offer has been accepted reducing abortive sales and speeding up the process. Additionally, Hip’s meet the Governments requirement to provide energy performance ratings on all domestic properties.
How will HIP’s benefit me?
Sellers
As a seller it will mean that when you agree a sale you can be much more confident that the sale will progress smoothly with less chance of the buyer dropping out as you will have provided them with important information upfront allowing them to make an informed decision and reduce the chance of any nasty surprises coming to light.
Buyers
As a buyer it will mean that you are able to make an informed decision about a property before putting in a offer as you will have access to essential information at the start of the viewing process.
In essence, HIP’s offer greater peace of mind and a quicker smoother process for all involved.
