An Overview ofHIP

Home InformationPack is a collection of some important dossiers that must becommissioned before selling a property in the open market. HIP hasbeen made mandatory in the year 2004 by the UK government forsimplifying the transaction procedure of the UK property market. Inshort, home information pack contains some basic information about aproperty that is going to be sold. It helps a possible buyer to getsome necessary information related to that property in advance thatwill certainly help him to take a prudent decision. Furthermore, italso helps to dispel any doubt of an expected buyer.

Some importantaspects of Home Information Pack

• If a sellerfails to furnish a Home Information pack to a possible buyer, he canbe penalized up to ?200.

• HomeInformation Pack can be provided either by a real estate agent or byan independent seller.

• Homes withmore than three bedrooms are subjected to the provisions of HousingAct 2004.

• In order toaccelerate property transaction procedure, Property InformationQuestionnaire will be included that will certainly prove helpful forboth the buyers and the sellers.

The CompulsoryDocuments of a Home Information Pack

Below are thecompulsory documents that must be provided to a possible buyer priorto the commercializing of a property:

• A SalesStatement

• An EnergyPerformance Certificate

• Informationon commonhold and leasehold sales

• If it isnewly built property, nil-rated certificate is needed

• Informationabout drainage system and local authority

• Evidence ofTitle

• A report onthe current condition of a property

OptionalDocuments of a Home Information Pack:

Some otherdocuments may be required if the property is hold under a lease. Someof these documents are:

• Receipts anddetails of various service charges

• Details ofthe payments and insurance policy

• Contactdetails of the Management Company or property owner

MoreInformation on Energy Performance Certificate and Home ConditionCertificate:

EnergyPerformance Certificate: The energyefficiency of a building can be assessed by perusing an EnergyPerformance Certificate. Besides giving grades to buildings afterexamining their energy efficiency reports, ?Energy PerformanceCertificate? also advises a person how to cut down the emission ofCO_2. Thiswill certainly assist a person to bring down the energy charges.

Home ConditionReport: The defects, age, character,location and other details pertained to a property can be collated byviewing a Home Condition Report. This is the reason why theimportance of home condition report is spiraling up. The UKgovernment is working in collaboration with the famous RoyalInstitute of Chartered Surveyors for introducing a new and easyformat of Home Condition Report.

The Cost ofHome Information Pack:

The cost of HIPcan be varied depending on various factors. One can consult with aHIP consultant or Home Information Pack provider for gaining furtherknowledge. It has been observed that the cost of HIP usually rangesbetween ?300 and ?600.