What is a HIP?
In August 2007, the Government introduced recent legislation aimed at facilitating the home-buying process for both Vendors and Buyers. The legislation led to the introduction of the Home Information Pack or HIP for all properties over 4 bedrooms marketed after 1st August 2007. However, as from 14th December 2007, this has been extended to all properties marketed after this date. What this effectively means is that, in order to market your property, you will require a Home Information Pack.
How long does an HIP last?
There is no need to update the HIP whilst the property is on the market but in instances where the Vendor withdraws the property and it is later remarketed, a new pack will normally be required with the necessary updating of the documents in accordance with HIP regulations.
If the property is withdrawn as a result of acceptance of an offer by the Vendor and that offer subsequently falls through, the property can then be remarketed with the original HIP, provided that this is recommenced within one year from the date of the initial marketing date or, if later, then within 28 days of the sale falling through.
In the event that the sale stops for any other reason, provided that the property is remarketed within one year, the existing HIP may be used.
What documents are required in the HIP?
Who is responsible for providing a HIP?
This is down to the individual responsible for marketing the property which will be, in most cases, the Estate Agent instructed by the Vendor; but can actually be the Vendor themselves. The HIP must have been commissioned by the responsible party by the time the property is placed on the market and an Energy Performance Certificate (EPC) together with any other relevant documents must be provided upon request. Faiilure to comply will result in financial penalties.
How do I organise/obtain a HIP?
Through our long-standing and well-established connections with our specialist pack provider, we are able to assist you, as the Vendor, in providing your Home Information Pack and Energy Performance Certificate (EPC) in accordance with HIP Regulations. The cost of providing the HIP will be passed on to you. .
What HIPs mean for you as the Vendor
The Home Information Pack provides key information needed by a potential buyer prior to commencement of the home-buying process. the objective is to provide a much smoother and quicker process. It allows the potential buyer to view all relevant documents before making an offer.
Do I have to provide an HIP to ALL potential buyers?
There are exceptions where we are entitled to turn down a request for a HIP without incurring any penalty:
Other circumstances where a HIP is NOT required
Leasehold/Commonhold documents required for HIPs
Leasehold – a copy of the lease or any property charges obtained when the property was purchased. If this information has been lost, the Vendor may obtain a further copy from the Land Registry Office, though it is likely that you will be charged a fee.
Other documents required Include:
NB: The above documents are usually available from the Landlord or Building Manager but copies may incur a charge.
Commonhold – official copies of the individual register or title plan relating to the common parts and commonhold community statement referred to in the register. Again, copies of such documents may be obtained from the appropriate Land Registry Office for a fee.
Other documents required include: