From
June 2007, every residential property offered for sale must be marketed
with a “Home Information Pack” or HIP for short. The pack
will provide prospective purchasers at the time of viewing prospective
purchases with as much relevant information about the property as possible
Currently, much of this information only comes to light after an offer
has been made and accepted. Making it available up-front should speed
up the sale process, and reduce the high proportion of abortive transactions
that currently occur, wasting the time and money of buyers and sellers
alike.
The HIP must include legal information relating to the tile (rights and obligations of ownership), local “searches” covering planning issues or other development matters likely to effect the property, and an Energy Performance Certificate highlighting how economic or otherwise the property is to heat. More comprehensive information may optionally be given, including a Home Condition Report (often referred to as an HCR).
The Home Information Pack should enable much more informed purchasing decisions to be taken at outset, avoiding many of the current reasons for sales to abort, often only once legal and mortgage arrangement fees have been lost.
The HIP must include legal information relating to the tile (rights and obligations of ownership), local “searches” covering planning issues or other development matters likely to effect the property, and an Energy Performance Certificate highlighting how economic or otherwise the property is to heat. More comprehensive information may optionally be given, including a Home Condition Report (often referred to as an HCR).
The Home Information Pack should enable much more informed purchasing decisions to be taken at outset, avoiding many of the current reasons for sales to abort, often only once legal and mortgage arrangement fees have been lost.
