Home Information Packs
Mortgages
Home information packs or more commonly know as HIPS are currently required by law for the sale of all residential properties in the United Kingdom. The seller is required to have a HIP available by the time the property goes on the market and must provide a potential buyer with a HIP within 14days. There are a few exceptions as to when HIPS are not required;
- When the buyer cannot reasonably prove that they will be able to afford the property.
- Where there are reasonable grounds to believe that the person requesting the pack does not intend to make an offer.
The seller is liable for the cost of creating the pack, but can request reasonable postage and reproduction costs from the buyer. In some cases Estate Agents and other players are providing free HIPS in return for sole mandates on the sale of the property or for some other incentive. It is important not to be swayed by a free product where it is essential to make a good impression.
HIPS are a great opportunity to market your property at the time a possible buyer is most interested and a substandard product will do no good to improve your chances of a sale or a higher price. A well designed and compiled HIP will repay the initial cost of +/-£200, ten times over. A HIP can be generated in around 9days and we can issue you with a certificate that you can provide to estate agents that will allow them to put your property on the market immediately.
PSG Consult has identified a quality HIP provider and has negotiated special terms for our clients. Should you require any help or a quote, please contact us either by phone 08456711100 or submit a query.
We have detailed some information below for your reference.
What is a Home Information Pack?
The Home Information Pack (HIP) is comprised of the following compulsory parts:
- Energy Performance Certificate. This is the result of an inspection, which is carried out on the property by an accredited Energy Assessor. This will indicate how energy efficient and environmentally friendly the property is on a scale from A to G
- Sale Statement. This includes the property’s address, whether it is freehold or leasehold and whether it is registered or unregistered.
- Standard Searches. These are: the Local Land Charges Register, the Local Authority Search and the Drainage and Water search.
- Evidence of Title. This is to prove the seller owns the property.
- H.I.P. Index. This is a checklist of all documents. If any are missing it will include an explanation as to why, and what is being done to locate them.
Other non-compulsory elements can be added at the seller’s discretion. This include items such as a Home Condition Report, a Legal Summary and other documents such as non-standard searches or guarantees for works carried out on the property.
How do I get a HIP?
If you are a buyer, you can request the HIP from the agents handling the property. If it is a private sale, you will need to contact the seller directly.
If you are a seller, we recommend that you order a HIP from a company that is regulated by the Property Codes Compliance Board. This will ensure that it carries the HIP Code, which is a guarantee of it’s quality and integrity. PSG can recommend a suitable provider who specialise in conveyance and creation of HIPs. Their packs all carry the HIP Code.
To obtain a quote please contact you consultant on: 084567 111 00
Do I need a HIP?
There are some exceptions to the HIP requirement. For example, you will not need a HIP if
- There is no marketing involved in the sale (eg. to family)
- Non-residential properties
- Seasonal or Holiday homes
- Mixed properties (eg. a shop and a flat)
For further details on HIPs, visit the government website: www.homeinformationpacks.gov.uk, or call us on 0845 671 1100 where an advisor will be able to assist you further.
For an example of a typical HIP, click here.