REMEMBER YOU MUST HAVE A HIP REPORT PACK IF YOU HAVE A PROPERTY WITH THREE OR MORE BEDROOMS IN THE UK
1) WHAT IS A HIP?
HIP which are also referred to as hips stands for Home Information Pack. From 1st of August 2007, the Government introduced this system to help increase the speed of buying and selling properties within England and Wales.
2) WHAT IS IN A HIP (Home Information Pack)?
The Home Information Pack must contain a range of reports. The reports are aimed at giving the buyer as much information about your property as possible. This consists of:
* An Energy Performance Certificate (this rates your property on a scale of A to G and suggests ways to improve its energy consumption. This must be produced by an accredited Energy Assessor).
* An index of contents
* A Sale Statement
* Evidence of title (for registered properties)
* Searches and leasehold / commonhold documents (or proof that these have been commissioned)
You can also have additional documents added to the Home Information Pack such as:
* A Home Condition Report - similar to a survey
* Guarantees and Warranties
* Other Searches
3) ARE THERE ANY EXEMPTIONS?
There are a number of cases where a Home Information Pack will not be required such as:
** As of the 14th of December ALL properties in England and Wales must have a HIP. You must have ordered a hip before you can put your property on the market. This is required by Law failure to do so will result in a daily fine of up to £200.
* Properties in Scotland & Northern Ireland at this present time do not require a HIP Pack
* Properties where there is no marketing (e.g. sale to member of the family)
* Non-residential properties
* Seasonal and holiday property / accommodation
* Mixed sales e.g. shop with a flat
* Right to buy sales
* Properties not being sold with completely vacant possession
* Unsafe properties and properties to be demolished
4) WHY HAVE THEY BEEN INTRODUCED?
The Government introduced HIPs (Home Information Packs) in an attempt to improve the process of buying and selling properties within England and Wales.
The benefit of this system is that it allows the buyer to find out the condition of a property without having to commission a survey. The
