HIPS UPDATE
The 1st of August came and went and the earth remained firmly on its axis. The 10th of September also saw us still planted on terra firma. Those were the dates that saw 4 bed roomed and 3 bed roomed properties respectively becoming subject to Home Information Packs.
The government announced that initially, only properties with 4 bedrooms and above would be required to provide a HIP. However they soon phased in 3 bed room properties when the market place became flooded with three bedroom properties boasting a “study.”
The reason for the delay was revealed to be due to an insufficient number of Domestic Energy Assessors to be able to supply Energy Performance Certificates. In May 2007 there was an estimated 2,500 people undergoing Domestic Energy Assessor (DEA) training, a further 3,200 had passed their exams and 1,500 had been accredited or had applied for accreditation. With the actual qualified number being a paltry 520 and a need for at least 2000 to satisfy the demand, the government capitulated.
NewLaw had developed a truly unique product, providing direct online links via our interactive website, online and direct support for our partners to manoeuvre through the HIP minefield, HIP funding for sellers, tailor made but fully compliant HIPS, website tracking of matters, SMS message updates, and a turn around target for HIPS of 7 days .What is a Home Information Pack?
Simply put, a Home Information Pack is a selection of documents about the Sale Property which the Seller has to provide for the Buyer to be able to get a better understanding of the type of property being sold. This is a radical departure from the way residential property is usually bought and sold in England and Wales and the intent is to make the Buyer process fairer to the Buyer.How Does The Introduction Of The Home Information Pack Affect YOU?
An estate agent CANNOT market your property – i.e. display sales particulars about your property or arrange viewings – without a copy of the Home Information Pack for your property.
You cannot circumvent these rules by offering to sell your house to a friend. Properties can be marketed if you can prove that you have ordered your HIP and that you can submit it to your estate agent within 14 days of them starting to market your property.
What Should The HIP Contain?
- Index
- Sale Statement
- Local Authority Search and Drainage Search
- An Energy Performance Certificate.
- All the relevant legal information such as documents from the Land Registry confirming Title
- Plan of the Property
- Information concerning planning permission and guarantees
- Certificates relating to any work you may have had done on the house such as a loft conversion .
How Much Will My HIP Cost
NewLaw's HIP Plan enables you to market your property without the expense of paying the full cost of your HIP upfront. For a small initial deposit, NewLaw will prepare your HIP ready for you to market your property. The balance will usually be payable when you sell your home*.
If you would like to order a Home Information Pack, then please click here and fill in the form
*Terms and conditions apply
