Home information pack is known as HIP. It provides information about a property before they incur costs. If the landlords offer complete information about their property or house to be sold, they can save on the wastage of time later. A buyer will be fully informed about the house, before he buys one. Your HIP, can be obtained electronically, or in a printed form, as you would like to receive it. A hip consultant will get in touch with their estate agent or solicitor and deliver HIP to them directly.
Is it a legal requirement?
Yes, it is said to be a legal requirement and offers information to buyers relating to the property which is on sale. This should be clearly told to the buyers before they decide to buy it. If you are selling your property after 6th April 2009, you have to keep your full HIP ready, with out which you can’t sell your property. HIP can be obtained free of cost and a solicitor or estate agent may however charge a reasonable some, if he has to send copies of HIP to you. Home Information Packs will provide important information to the prospective buyers at the very start of their interest in a new home, giving increased transparency on vital issues and meaning any offer to purchase is based on an informed decision. There is nothing hidden about the house.
What does a HIP comprise of?
Freehold properties must have the following in its HIP
It should have a Home information pack index
Property information questionnaires
EPC- an energy performance certificate
Evidence of title
Sales deed or statement
Leasehold properties must have the below mentioned:
A copy of the lease
Including every thing else mentioned above
Thus HIP contains all factual information about the building on sale. It’s not a marketing brochure or copy which helps you sell your property. Although the above mentioned are compulsory information that has to be carried in your HIP pack, other than this, you can also have some additional information.
An EPC (Energy Performance Certificate) which is also a part of HIP pack reflects the energy efficiency of a building and also suggests on how to reduce your carbon dioxide emissions and fuel bills. It thus helps reduce delays and extra expense to both the buyer and seller.
Kirthy Shetty, Platinum author,