Home Information Packs: An Introduction
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Home Information Packs: An Introduction
From 1st August 2007, homeowners or the selling agents acting on their behalf are required by law to provide a HIP or Home Information Pack when marketing a property to sell. This is only applicable for properties with four bedrooms or more currently. Properties of smaller sizes will have HIPs phased in as soon as enough qualified assessors are available.
From the start date of 14th December 2007 , all homes for sale on the UK market, regardless of how big or small, must have a Home Information Pack. Home Information Packs collect all relevant information that enables the house buying process to be safer, easier, and faster. HIPS bring together evidence of title, and energy performance certificate, local searches and a sale statement. Home buyers have the right to see a pack, and home sellers are obligated to provide one.
Prospective buyers, on request, are entitled to receive a copy of this pack. Estate agents who are marketing homes for sale will also be required to belong to an approved redress scheme.
The advantages of introducing HIPS are found in the flow of information for buyers. Currently, problems with a property may only come to light once an offer has been made and accepted. In this situation, or anywhere new information about a house is revealed, complications with the transaction can occur. The current system, according to the Government, is outmoded and doesn’t benefit either buyers or sellers. With HIPS in place, time and expense will apparently be saved and fewer deals will collapse.
HIPS ensure that details about a house are out in the open from the very beginning of a transaction. Electronic conveyancing, which is also due to be implemented next year, will complement the HIPS scheme.
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