HIPs are here to stay

Changes to the way we buy and sell residential properties in England and Wales came into force at the beginning of August 07. A Home Information Pack (HIP) will now be required when a property with four or more bedrooms is marketed after August 1st 2007 This is a phased introduction with three beds being included on September 10th and smaller properties being introduced later once enough energy assessors have qualified.
The compulsory part of the HIP will contain evidence of title, standard searches, a sale statement, and an energy performance certificate. The optional items that could also be included are a home condition report, a legal summary, a home use/contents form and any other documents related to the sale.
The government is hoping that the packs will improve the house-buying process and limit the number of sales that fall through. Also the energy performance certificate will fall in line with an EU directive on home energy assessments due to be mandatory by 2009.
The seller will be responsible for the costs of a HIP and it will be required for most residential properties that are either being marketed privately or when using an intermediary. They can be provided by an estate agent, solicitor, specialist provider or compiled by the seller themselves. Prices for HIPs are likely to vary, but should be around £300 - £600.
For more information go to: www.homeinformationpacks.gov.uk 1/08/07