Benefits of Home Information Packs (HIPs)
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Benefits of Home Information Packs (HIPs)
In theory, HIP packs will lower the risk of failed transactions, saving the estimated £1 million lost per day.
Most of the items included in a HIP already have to be provided, but costs for the pack are estimated to be between £600 - £700. Something called a Home Condition Report is an integral part, and this will need to be conducted by a qualified Home Inspector who is regulated by an approved certification scheme.
First-time buyers should find the revised process more affordable, because they automatically receive information about the house without having to pay for it. Although problems could arise from cash-strapped sellers, apparently many organisations will offer a buy now – pay later version of the HIP.
The seller therefore pays for the pack only after the house is sold or after a set period, whichever falls earlier. Furthermore, some estate agents will offer free packs as part of their usual agency fees.
Home Condition Reports will not include surveys. A HIP pack is not a valuation assessment, and operates independently, but it will be still contain useful valuation information. A Home Condition Report will provide details of the condition of a property and how efficient it is on energy.
This information can then be passed to lenders who can use it for valuation purposes. A Home Condition Report will contain more information than a standard lender valuation survey.
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