HIPs

Following an announcement on 23^rd May 2007 from the 1st August 2007 you were not able to put your own property, if it has 4 or more bedrooms, on the market unless you have commissioned a Home Information Pack  (HIP). On 10^th September 2007 this was extended to properties with 3 or more bedrooms. On 14^th December 2007 this was extended to all properties. After the June of 2008 a HIP will need to be available prior to marketing. The process of obtaining a HIP could take less than a week but in some cases may take longer. That delay could have consequences for you. Therefore making the correct choice of solicitor and HIP provider will be of vital importance.

We are offering all clients the ability to collate relevant information on their property and we will hold this on their behalf pending a potential sale in the future.

The Government have introduced HIPs because they believe that they will  reduce the number of sales that fall through by providing key information to a potential buyer at the beginning of the process. Whilst many have been negative about the introduction of HIPs we welcome any change that will speed up and make transactions less stressful.

Amongst other things the HIP must  include, a Local Search and Water and Drainage Search, the title of the property (including the Lease if relevant), and an Energy Performance Certificate. There are also a number of documents that are voluntary including a Home Condition Report. The majority of residential properties will require a HIP although there are limited exceptions.

The cost of the HIP will vary, depending on whether it contains a Home Condition Report and will be more for a large, unusual or more valuable property. However, if you are also purchasing a property you will not have to pay these fees on that transaction. So, in effect, most of these costs are simply being moved from your purchase to your sale.

We can produce a HIP for you, in a format of your choice,  to take to your estate agent or potential buyer. Should you so desire we finance the cost of the HIP, on your behalf, on a deferred payment scheme.

We also provide a service for potential buyers. We can advise you on the content of the HIP to assist a buyer in making an informed decision. If we are instructed to act on a purchase there will be no charge for this initial advice.