Key Facts about HIPs
Home Information Packs have been introduced by the Government to help streamline the buying process. Here are a few of the main facts about Home Information Packs which will help you understand this new legislation. However, if you are still confused about HIPs and how this affects you then do not hesitate to contact us on 01708 471 989.
Home Information Packs are now a legal requirement for anyone selling a property. To be compliant homeowners must be able to show that you have at least commissioned a HIP pack, and have paid or have made a commitment to pay for a pack. Once you have done this you can legally market your property even before you receive the complete report. For further information about the contents of a HIP please click here.
The much talked about Home Condition Report (HCR) is now a voluntary report and is currently not mandatory, although the Government reserves the right to change this decision in the future.
Replacing the HCR is an Energy Performance Certificate (EPC). Your home will be assessed to review its performance in terms of energy used per square metre of floor area, energy efficiency based on fuel costs and the environmental impact based on Carbon Dioxide (COČ) emissions. Your home will then be given a rating according to performance.
It is anticipated that a HIP will be valid for a period of one year although this has yet to be confirmed by the government. However, searches contained in the HIP are valid from the buyer’s point of view for 3 months only. Once the HIP expires, you will need to produce another Pack to carry on marketing your property.