HIPs EPCs and HCRs explained
Home Information Pack (HIP), also referred to as the 'Seller's Pack', is a set of documents conveying information about any property owned by an individual in England and Wales. Learn all you need to know about them
Home information pack (also known as HIP to all) is a collection of written texts, which delivers significant information about property (especially in Wales and England) which is generally presented in the open market for you to buy.
Home Information Pack, the other name for which is ‘Seller’s Pack, is a set of significant documents that the property owner is liable to show when he decides to sell out his property.
This set of crucial documents included in a HIP are Sales Statements, Title Documents, the EPC or Energy Performance Certificate , local authority searches and a host of other important credentials.
Initially the concept of Home Information Packs surfaced to counter the routine mismanagement and delay and other hassles involved in the process of buying/selling home. The HIPs (Home Information Packs) are also known to make the transactions faster and more explicit.
Home buying and selling was full of imperfections and gazumping until the introduction of Home Information Packs. Earlier the sellers used to have a tough time determining the exact price of the property and buyers suffered from lack of proper information. This information-gap was the main reason behind most of the property deal failures. According the reports an estimated loss of £350 million per year is entitled to unproductive home-sale attempts.
The Housing Act 2004 laid down the provision that every property-owner is obliged to produce an HIP before advertising his/her property. Thereafter, the state of affairs has undergone a commendable change resulting in a number of successful transactions. The accessible information makes it easier for a seller to quote a property.
On the other end, the uncomplicated proceeding also satisfied the buyers. The transparency offered by HIP allows no scope for any further re-negotiations and the exchange gets over in agreement with both the buyer and seller.
The information rendered by Home Information Packs can be segmented into two parts - required and authorized. The ‘required’ or mandatory information includes Index, Energy Performance Certificate, Local Authority and Drainage Searches, Sale Statement/Terms of Sale and the title documents.
If you are contemplating to sell your property in England and Wales make sure that you have submitted all necessary document that comes under the purview of ‘required’ information. The owner of the home has to procure those necessary documents three months prior before advertising the property.
In case if the property is on leasehold, the Home Information Packs must include additional documents besides “required” information. Copy of the lease, building insurance policy, contact details for the property owner/management and legal details, recent service charge receipts and accounts as well as all applicable regulations comprises the additional information of the Home Information Packs.
The Home Information Packs may include some other authorized documents like HCR or Home Condition Report, Legal Summary & Other Search Reports (mining search reports in particular cases), two seller’s questionnaire forms – the Home Use Form and Home Contents Form.
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Find local Domestic Energy Assessors to supply an Energy Performance Certificate for your Home Information Pack at our Directory of DEA's at http://www.dealocal.co.uk