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Home Information Pack (HIP)
The Home Information Pack (also known as the HIP) is compulsory for most homes on the market in England and Wales. Important changes were made to HIPs on 6 April 2009. You can now get a HIP for a property as soon as it comes on to the market.
Key facts about HIPs
All home sellers with properties new to the market in England and Wales will be required to provide a Home Information Pack (HIP). What is a HIP? It is a set of documents, provided by the home seller, giving important information about a property to a potential buyer including its energy efficiency, searches and evidence of ownership.
What will be in a HIP? Certain items are compulsory, including:
Leasehold, commonhold, incomplete or brand new properties require further information to be included. Sellers will have the option to include a Home Condition Report; however this is likely to cost extra. It is similar to a Home Buyer Survey, has to be carried out by a qualified Home Inspector and gives an objective opinion on the condition of the property.
How long is a Home Information Pack (HIP) valid?As long as the home remains unsold and continuously marketed. If you take it off the market, however, for longer than four weeks (28 days), you need another. Some documents within the HIP may also need refreshing periodically (searches, for example).
What is an Energy Performance Certificate?
An Energy Performance Certificate (EPC) rates the energy efficiency of the property and its carbon emissions on a scale of A-G, just like the charts shown on new fridges and washing machines. The EPC also indicates likely fuel costs and suggests ways to improve efficiency. What about properties already on the market? The following are temporarily exempt from the requirement to have a HIP; this will end at a future date, which has yet to be confirmed. If a property is still on the market and unsold at that future date, then a HIP will be required.
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