Properties marketed for sale from 14 December 2007 will need a Home Information Pack (HIP).
Currently, any property that already on the market at the relevant commencement date (i.e. 1 August 2007 for sales of homes with four or more bedrooms; 10 September 2007 for those with three or more bedrooms and 14 December 2007 for all properties) does not need to have a HIP.
A HIP contains documents that are required when homes are bought and sold.
The compulsory documents include:-
- An index (a list of the contents of the HIP)
- A sale statement (summarizing the terms of sale)
- Standard searches (a drainage and water search and local authority enquiries)
- An Energy Performance Certificate (EPC)
- Commonhold information, if appropriate
- A copy of the lease, if appropriate.
- A Home Condition Report (HCR)
- Additional leasehold information
- Guarantees and warranties
- Other searches relevant to the particular area.
At CWJ, we produce our own HIPs, so you have peace of mind that it complies with the Government’s regulations.
We can produce a HIP, which complies with the current regulations and contains all the compulsory documents for between £300 - £399, inclusive of VAT. This will include an Official Local Authority search as opposed to a Personal Local Authority search. The latter may not be acceptable to your Buyer’s mortgage lender and, in turn, could delay the transaction.
If you have any questions about HIPS or any aspect of residential property, please contact the Residential Property Team.
HIPs Update
On 8 May 2008, The Rt Hon Caroline Flint MP, made amendments to the Home Information Pack Regulations.
