You've Got To be HIP(s)
From June 1 2007, everyone involved in buying and selling a home will need to know about Home Information Packs (HIPs). If you are buying a new home the pack will offer essential informatio...

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You've Got To be HIP(s)

From June 1 2007, everyone involved in buying and selling a home will need to know about Home Information Packs (HIPs).

If you are buying a new home the pack will offer essential information about the property you wish to buy. If you are a seller you will need to have a pack before you can put your property on the market.

A Home Information Pack will contain: an Energy Performance Certificate (EPC) which will tell you how energy efficient the property is, an index of contents, a sale statement or terms of sale, local searches, guarantees of any work carried out on the property, copies of warranties and guarantees and evidence of title and, on a voluntary basis, a Home Condition Report (HCR). An HCR is a report that has been developed by the Government with help of organizations like the Royal Chartered Surveyors. It covers the general condition of the property that bears in mind its age, character and location and highlights any defects that require action. The Home Condition Report is basically a survey, albeit a brief one, that excludes a valuation.

HIPs have been brought in to reform the home buying and selling process, along with reforms to conveyancing, local authority searches and consumer redress. One of the main ideas behind HIPs are that they will create a more transparent and efficient market where costs are shared more fairly between buyer and seller. HIPs will ensure that important information about a property is available to buyer and seller early on in the home buying and selling process, and they will draw attention to any problems before they cause potential delay. HIPs should lead to quicker transaction times, reduce the number of transactions that fall through between offer and exchange, will be more proficient for costs and make the buying and selling process smoother and hopefully less stressful and confusing. The scheme is also designed to help first-time buyers reduce their costs and make it simpler to buy.

You've Got To be HIP(s)
From June 1 2007, everyone involved in buying and selling a home will need to know about Home Information Packs (HIPs). If you are buying a new home the pack will offer essential informatio...