Frequently Asked Questions:
When do I need a HIP?
When you are selling a residential property in England or Wales.
What is the content of a HIP?
A Home Information Pack must contain the following documents:
- Index of contents
- A sale statement (summarising terms of sale)
- Evidence of title
- Land and drainage searches
- An Energy Performance Certificate (EPC)
And where appropriate:
- Commonhold information
- Leasehold information
- A New Homes Warranty.
- A report on a home that is not physically complete.
Why HIPs?
The Home Information Pack is intended to improve the buying and selling process of property in England and Wales. With having all the property information at hand at the time of marketing the Government intents to reduce the number of transactions that fail. Up till now 1 in 4 transactions would fall through because important information about the property was often not available to potential buyers until after a formal offer had been made. HIPs would avoid delays, uncertainties and unnecessary expenses and make the property selling and buying process simpler and more efficient.
What is an EPC?
An EPC or Energy Performance Certificate provides an energy rating for a home. The rating is similar to those on kitchen appliances and is based on the performance of the building in areas like heating, lighting and insulation. It provides the buyer with an A-G rating on the property with A being the best score. The EPC is one of the required parts of a HIP and is carried out by a qualified DEA (Domestic Energy Assessor). The Assessment takes about half an hour to an hour for residential properties depending on the size of the property. For low cost EPCs go to www.property-assessors.co.uk
Do you provide HIPs in my area?
Yes we are nationwide and provide HIPs in any part of England and Wales.
Are your HIPs as good as the more expensive ones?
Yes our HIPs are of the same quality and will contain exactly the same documents as any other HIP.
How long will my HIP be valid?
The HIP is valid for as long as the property is continuously marketed for sale and is valid for up to one year, where it is withdrawn from the market and re-marketed by the same owner.
There is no requirement for any component of the HIP to be updated whilst the property is marketed for sale. It is up to the seller and buyer to negotiate any refreshing of components of the HIP.
If you sell your house after the validity of the searches expires (3-6 months) we can offer refresh searches for your buyer at a discounted rate.
Personal searches vs. Full official searches:
The required documents in a HIP pack include land and drainage searches. Sometimes there is confusion about the searches that go into the HIP, personal searches or full official searches.
Most HIPs come with personal local authority searches. These are legally compliant HIP searches and cover the government’s requirements. When the HIPs first started in 2007 there were quite a few mortgage companies which did not accept the personal searches but only the much more expensive full official searches. Now 99% of mortgage lenders accept these personal searches and they are the standard approved local authority searches for Home Information Packs.
If for whatever reason you would like a HIP with full official searches then we will be able to provide these upon request. The price of HIPs with official searches does vary from one district council to another. If you are interested contact us for a quote.