In England and Wales all residential property must have a Home Information Pack before any markerting can commence. What is it? A HIP is a report dealing with the basic information of your property. Whats the point? The aim is to provide prospective purchasers with all the information about the property therefore there should be no reason for the house purchase not going through to comeplation.
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 proerty needs a HIP’s however there are a few exemptions:
Has your property been on the market since before 1st August 2007?
Is your property outside England or Wales?
Is your property commercial not residential?
The property is unsafe, or unsuitable for occupation.
There are two parts the pack:
The compulsary part which will contain the property tittle deeds (legal ownership), local authority searches, if the property is leashold then lease details, and a 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 it 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 procider feel free to contact us on 0208 8560 9777 or email us: Hips@presidentproperties.co.uk