Home Information Pack - HIP
Have you got your HIP sorted?
Government changes to the controversial Home Information Pack (HIP) scheme come into force this month, affecting every home that is coming on the market in England and Wales.
One and two bed properties must now have a HIP prepared, in the hope that it will increase the transparency of the UK property market and reduce any nasty surprises which could delay sales. Previously, only properties with more than four bedrooms were required to provide a HIP to prospective buyers.
The pack contains legal documents such as evidence of title, standard searches, a sale statement and a HIP index. Any details of local planning decisions, drainage and water services must be included.
Homeowners will also be issued with an Energy Performance Certificate (EPC) which shows the energy efficiency rating of the building on a scale of A-G with 'A' being the most efficient and having lower fuel bills. Those with a low energy rating of F and G will receive an offer of 'green grants' to make their homes more environmentally friendly. Home owners could save themselves hundreds of pounds a year and greatly improve the green credentials of their property by taking simple steps such as double glazing windows, insulating lofts and improving heating.
Doubt has been expressed by some housing commentators whether HIP's will succeed in speeding up the house buying process.
An average pack costs about £300-£350 and can be compiled by a solicitor, estate agent, specialist pack provider or you can do it yourself.
For more information see: www.homeinformationpacks.gov.uk
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