Mar 27 2007 |
Home information pack- Quick GuideCategory: Home Information Packs (HIP) |
In this article the following issues are covered:
1. What is the home information pack?
2. What is in the home information pack?
3. What do I do with the home information pack?
4. When Do I need an information pack?
5. How do I get a Home Information pack?
6. How long does a Home Information Pack last for?
7. How much will the home information pack cost?
8: Can I shop around for a Home Information Pack?
9. circumstances where you won’t need a home information pack
What is the home information pack?
Essentially, it’s a rating system that will measure energy efficiency, and general condition of a home. The process is meant to improve the buying and selling process. New home owners can cut back on energy bills by purchasing energy efficient homes.
The more information that is presented to the buyer upfront, the slimmer the chance of a nasty surprise scuppering the sale further down the line, consequently the HIP is meant to reduce the number of property sales which fall through.
The law will require all homes that are put on the market to have a home information pack. As a homeowner, you’ll only need to take action when you sell your home. After 1 June 2007, you will need an Energy Performance Certificate as part of the Home Information Pack. However you do not need a HIP, if your property is marketed before 1st June 2007 and is continuously marketed throughout the intervening period. If that applis to you, you will need a home information pack after 31st December 2007.
What is in the home information pack?
What do I do with the home information pack?
Seller:
The person in charge of marketing your property will need your home information pack, and then they will send copies of it to your potential buyers, so they can look through all the information.
Buyer:
You can look through the information and get a report of a property.
When Do I need an information pack?
Seller:
You must have got a home information pack together while your property is on the market.
Buyer:
When you’re interested in a property.
How do I get a Home Information pack?
Seller:
Buyer:
If you’re interested in buying a property, ask your estate agent to send you a copy of the home information pack. Estate agents will usually have a copy, but some sellers may choose other 3rd party companies to arrange it.
How long does a Home Information Pack last for?
Seller:
If a property is on the market continuously (without a sale), then there will be no need to update the pack; the market decides whether the documents remain acceptable and up to date.
If marketing stops and then starts again, then you would normally need to re-evaluate the validity of the pack, and may need to update particular documents. However, the seller can carry on using the same Pack in the follow situation:
How much will the home information pack cost?
Seller:
Costs will vary, but current indications would suggest that estate agents will charge around £400 to £600 for a basic pack on a 4 bedroom freehold property valued at around £350,000.
Buyer:
Nothing. However, you maybe asked to pay for the postage and packaging fees, along with cost to make copies of the document.
Can I shop around for a Home Information Pack?
Yes, definitely, you’d be stupid not to. Whilst the agent that you decide to use to market your home will probably try to get you to use their services to generate your HIP, you can use any HIP provider although make sure that they subscribe to the Home Information Pack Code and are registered with the Property Code Compliance Board. Better still, haggle hard when you’re instructing your agent and get him to either foot the bill for the HIP or at least only charge you what it costs your agent. Estate agents should be transparent about how much profit they make on this.
Remember, estate agents will make a fortune out of HIPs so make sure that you get a good deal. In the estate agency trade press, there are hundreds of articles about how estate agents can profit out of the implementation of HIPs, so don’t feel guilty about making sure you get the best value for money.
You don’t need a home information pack in the following cases:
Seller:
You can get more information about the home information pack at the following link Home Information Pack
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You must have a home information pack in place, if you want to sell your home after 1st June 2007.
However you do not need a HIP, if your property is marketed before 1st June 2007 and is continuously marketed throughout the intervening period, You need a home information pack after 31st December 2007.
Chris
Hey Chris,
I wasn’t aware of that. Thanks for letting us know, I will update this article.
Kind regards.
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