What is a Home Information Pack (HIP) ?
The Government has laid the revised regulations necessary to introduce Energy Performance Certificates (EPCs) and Home Information (HIPs) into the housing market on the 1st of August 2007.
From the 1st of August, anyone marketing a property will be legally required to have a Home Information Pack and make it available to potential buyers of the property.
Benefits of the HIP :
• For sellers, providing a Pack upfront should reduce the likelihood of any surprises in the selling process that could delay the sale. It provides potential buyers with more information which will enable them to make more informed decisions about purchasing their home.
• For buyers, the Pack provides essential information about properties they are considering buying, free of charge.
What is included in a Home Information Pack?
The Home Information Pack consists of 3 sections:
Energy Performance Certificate
The Energy Performance Certificate (EPC) involves a Standard Assessment Procedure (SAP) which is a calculation of a building's energy efficiency. This is a government strategy to monitor and reduce greenhouse gas emissions, particularly carbon dioxide.
Searches
A Local Authority Search will be required. A Local Authority Search will provide information as to whether or not roads have been adopted by the Local Authority; whether alterations have been made to the property and general information affecting the property of which the Local Authority are aware.
Water and Drainage Search. This search provides information as to whether the property has the benefit of foul drainage and surface water to a public sewer and whether adoption agreements have been entered into with the relevant Water Authority in this regard.
Legal Pack
A Sale Statement - describing the property being sold.
Evidence of Title - from the Land Registry or copies of the title deeds to the property.
Preliminary Enquiries concerning the property and a Fixtures, Fittings and Contents List (not compulsory).
Planning/Building Documentation.
Warranties/Guarantees - for building work.
Leasehold transactions will require additional documentation which will include:-
Copy of the lease.
Details of the Landlord or Management Company.
Regulations made by the Landlord or Management Company.
Details of the Service Charges and recent requests for payments for Ground Rent and Insurance.
Information about current and planned works on the property.