In England and Wales all residential properties must have a Home Information Pack before any marketing can commence.
What is a HIP?
A HIP is a report dealing with the basic information of your property. The aim is to provide prospective purchasers with all the information about the property; therefore there should be no reason for the house purchase to not complete.
A qualified inspector will prepare the Hip’s, which will include details of the title (legal ownership) of the property, local authority ‘searches’, lease details (if applicable) and an Energy Performance Certificate (EPC). The EPC will give information about the property’s energy efficiency.
Are there any Exemptions?
All residential property needs a HIP’s however there are a few exemptions:
What will my Home Information Pack contain?
The compulsory parts which will contain the property title deeds (legal ownership), local authority searches, if the property is leasehold then lease details and an EPC (Energy Performance Certificate). The pack can also contain a Home condition report however this is optional.
How much will it cost?
This is very much dependant on if, as a seller you choose to include a condition report. They vary in cost from £250 to £450 per property.
Who will pay for it?
The responsibility of paying for the HIP will be with the seller.
Does someone have to visit my property?
Yes.
How long will the process take?
On average the HIP’s is turned around in 4-5 days.
Do you still have a unanswered question relating to HIP’s or need help finding a HIP’s provider? Feel free to contact us on 0208 6766 292 or email us: Hips@presidentproperties.co.uk