Helping you get to grips with HIPs
Buying or selling your home? You need a Home information pack (HIPs). Have your pack created by our conveyancing property experts. Visit us locally at Colchester or Clacton or call 0845 017 6982 to be put directly through to our HIP squad today.
Q.What is a Home Information Pack?
A.Home Information Packs (HIPs) are intended to provide buyers with all the basic information they need on a property. From August 2007, it is compulsory for all sellers to provide a HIP when they put their property on the market.
Q.How much will a HIP cost?
A.Our Home Information Packs are a fixed price of £282 for a freehold property but the price could vary depending on any optional documents, searches or services you may request to have added to the pack.
Q.My property is unregistered what can I do?
A.We will do an Epitome of Title and will only charge £50 for this service. If you are so pleased with the pack that you use us for your conveyancing (and we belive you will) when you successfully sell your home we will refund the £50 upon completion.
Q.What will a HIP contain?
A.HIPs will include the following information:
Energy Performance Certificate (EPC)
Terms of sale – a general description of the property, who is selling and why
Title documents of the property
Answers to standard questions about the property, including information from the local authority and any problems with the property the seller is aware of
Copies of any planning, listed building and building regulation consents and approvals
For new properties, copies of warranties and guarantees
Any guarantees for work carried out on the property i.e. new windows, central heating etc
A seller’s property information form giving details such as the fixtures and fittings remaining in the property
A draft contract
The Home Condition Report (Basic Survey) will now be optional in the pack
Additional information is also required for leasehold properties.
Q.What are the benefits of HIPs?
A.Supporters of HIPs say the new legislation will benefit buyers and sellers by:
Reducing the number of transactions which fall through. The Government estimates 30% of all house sales fall through every year, costing consumers £350 million. The cost of a HIP will mean only ‘serious’ sellers/buyers put their property on the market.
Speeding up transactions. Buyers will be fully aware of the property’s condition before making an offer and most of the preparatory work for the sale will already have been done.
Giving first time buyers additional information on a property without adding to the cost of the transaction.
Reducing ‘gazumping’. The time between offer and acceptance will be reduced which is when problems occur.
Helping the seller decide a realistic asking price.
Thompson Smith & Puxon’s experienced Clacton and Colchester conveyancing teams can help you get to grips with Home Information Packs. Contact them today on 0845 017 6982 and our Home Information Pack team will advise you. hips@tsplegal.com