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HIP – Home Information Pack
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In England and Wales, under the provisions of the Housing Act 2004, a HIPS Home Information Pack will have to be provided before a property can be put on sale. The pack should contain a set of documents related to the property. As their justification for introducing the scheme, the Government cited that this will reduce the number of abortive sales and the buyer as well as seller will benefit from clear documentation. Though the introduction of HIPS has been a subject to delays and reduced requirements, it was made mandatory for homes with four or more bedrooms on 1st August, 2007. From 10th September 2007, the HIPS Home Information Packs have been extended to three bed roomed properties too.
From October the 1st 2008 it will become mandatory for landlords in England and Wales to make available a full Energy Performance Certificate to all prospective tenants.
The Energy Performance Certificate (EPC) has existed as a supplement to the Home Information Pack since their introduction in 2007. The EPC indicates the Energy Efficiency and CO2 rating for a home on a scale of A-G (A being most efficient). The EPC is issued by a qualified energy assessor following a survey of the home.
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Home information Pack Contents:
The essential contents of the HIPS Home Information Packs are as follows:-
These should not be more than three months old from when the property is first put on to the market:
- Terms of sale
- Evidence of Title
- Copies of warrantees and guarantees for new buildings
- Guarantees for any work carried out on the property
- Copies of any planning, building regulations consents and approvals
- Local search replies
- A home Condition Report
- An Energy performance certificate
If the property is on lease-hold, then the following additional documents are needed:
- Copy of the lease
- Building insurance policy details and payments
- Recent service charge accounts and receipts
- Memorandum and articles, contact details of the landlord or management company
Benefits for sellers
- For sellers, providing a Pack 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 more informed decisions about purchasing their home.
Benefits for buyers
For buyers, the Pack provides essential information about properties they are considering buying, free of charge.
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