Home Information Packs were introduced by the government on the 1st August 2007 with the dual aim of improving the home buying and selling process and helping to reduce excess carbon emissions from homes.
 The Home Information Pack contains important information that buyers and sellers need to know and will include an Energy Performance Certificate (EPC), Land Registry documentation showing boundary ownership and searches that highlight information on drains, sewers, planning consents and more.
HIPS have been implemented on a phased basis which started on 1 August 2007. However, from 10 September, a HIP is required for the sale of properties with three or more bedrooms. Smaller properties will be phased in over the coming months.
The individual person or Estate Agent marketing the property is responsible for obtaining a certified HIP. In most cases this will be the Estate Agent. However, should the owner decide to market the property themselves, they take on the legal responsibility to provide the pack. Should the individual or Estate Agent fail to provide a pack, there is provision for a fine to be levied against them.
A property may currently be marketed as soon as the HIP is ordered. However, this is only a temporary measure and will be reviewed by the Government at the end of 2007. The HIP must be completed and forwarded to the buyer’s solicitor before an Exchange of Contracts can take place.
What are the benefits of a Home Information Pack?
For sellers, providing a HIP upfront should reduce the likelihood of any nasty surprises in the selling process that could delay the sale, as buyers will be able to make a more informed decision about purchasing their home.
For buyers, the HIP provides essential information about properties they are considering buying, free of charge and before any money is spent towards the purchase.
For both sellers and buyers, a HIP should reduce the time required for a transaction to go through and also reduce the likelihood of a sale falling through as more information will be available at the commencement of the sale.
What is contained within a HIP?
The following are classed as ‘Required Content’ and MUST be included within a HIP:-
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Home Information Pack Index
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Sale Statement
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Land Registry Title Documents and plan
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Energy Performance Certificate
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Local Authority Search
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Drainage and Water Searches
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Additional Documents relating to Leasehold Properties (If Applicable)
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Copy of New Homes Warranty (If Applicable)
The following are classed as ‘Authorised Documents’ and do not have to be included within the HIP. It will be the homeowner’s choice to add these to the pack if it is felt that will assist with the sale:-
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Legal Summary
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Home Condition Report
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Additional Non-Standard Property Searches (Mining, Environmental etc)
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Warranties and /or Guarantees for work carried out in the home
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Home Use Form
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Home Contents Forms
How can KEY Estate Agents help me?
KEY Estate Agents are able to offer comprehensive guidance and assistance on HIPs, whether for buyers or sellers.
We can provide sellers with a comprehensive HIP sourcing service and offer two methods of payment:-
1) Up front when the HIP is first ordered.
2) Deferred for up to 9 months.
KEY can discuss the options with you and help you to decide which is the best suited to your circumstances. It is important to remember that several of the costs involved in the HIP already exist within the sale process and therefore, normal purchase costs may be reduced at a later stage.
For buyers purchasing one of our properties where a HIP is present, we will make the HIP available at the earliest opportunity. (electronic copies are free, however, there will be a charge to provide a paper copy)
Will I still need to use a solicitor/conveyancer?
Although the HIP contains some of the legal documents that have historically formed part of the conveyance process, both seller and buyer will still require the services of a conveyancer or solicitor to progress the sale. Key Estate Agents can recommend a suitable firm and offer the added advantage of ‘fixed fee’, ‘no sale – no legal fee’ conveyancing. Please ask for a no obligation quote.
It is recommended that sellers familiarise themselves with the content of their HIP, although KEY Estate Agents along with the HIP Provider will assist with any queries raised. The buyer should ensure that the legal documents are analysed by a qualified solicitor/conveyancer.
How long will it take for the HIP to be produced?
KEY Estate Agents can order your HIP using an advanced online ordering and tracking system. Under current legislation, KEY can guarantee that marketing of your property will commence as soon as the order has been placed. The process of putting the HIP together begins as soon as the order has been placed. KEY Estate Agents have the necessary qualifications to carry out the Energy Assessment of your home, which will further speed up the process. Your HIP will be produced quickly and to the highest standards by a Pack Provider who is a member of AHIPP (the Association of Home Information Pack Providers) and has extensive experience in the home buying process. A HIP can usually be prepared within 10 days of the order being placed. However, in some instances, particularly with leasehold properties, it may take longer.
The online tracking system will enable you to keep up to date with the preparation of your HIP and you can rest at ease that the information contained within your HIP will be of the highest standard with accuracy guaranteed.
What do I do now?
Contact KEY Estate Agents on 024 7635 7645 or email us at enquiries@keyestateagents.com to arrange your free, no obligation market appraisal or to ask for our free advice. We look forward to hearing from you. |
