| 1. |
WHAT IS A HOME INFORMATION PACK?
The Home Information Pack (HIP) is a set of documents
providing important information about a property,
such as its energy efficiency, boundary ownership,
searches and any Planning Permissions. The pack
may also contain a Home Condition Report (HCR),
although at the moment this is not compulsory.
From 1st June 2007, packs become compulsory in
England & Wales with the aim to improve home
buying and selling for the consumer, and as part
of wider action to cut carbon emissions from homes.
Estate Agents marketing homes with a HIP will
be required to belong to an approved consumer
redress scheme (The Ombudsman for Estate Agents)
– this will mean more peace of mind and a
better standard of service for consumers.
|
| 2. |
WHAT IS IN A HOME INFORMATION PACK?
Mandatory Documents include:
| a) |
An index (of the contents of the pack) |
| b) |
An Energy Performance Certificate (EPC) |
| c) |
A sale statement (summarizing the terms
of sale) |
| d) |
Evidence of title |
| e) |
Standard searches (ie: Local Authority
Enquiries & drainage & water search) |
| f) |
Where appropriate – Commonhold information |
| g) |
Where appropriate – Leasehold information |
Optional Documents include:
| a) |
Home Condition Report (HCR) |
| b) |
A Legal summary |
| c) |
Guarantees & warranties |
| d) |
Other searches relevant to the particular
area |
| e) |
A home use form |
| f) |
A home contents form & any additional
relevant information |
|
| |
For a short period sellers will be allowed to
market their homes with an EPC, sale statement
and evidence of title, as long as the other mandatory
documents have been
commissioned.
|
| 3. |
WHAT IS AN ENERGY PERFORMANCE CERTIFICATE?
Energy Performance Certificates (EPC’s) will
tell home buyers and sellers about a home’s
efficiency – using A to G ratings (like those
used to rate fridges and washing machines). It
is expected that a home’s EPC will be attached
to the Estate Agents particulars. The EPC will
also make recommendations for cost effective improvements
that can be made to help cut fuel bills and carbon
emissions. Our homes currently account for 27%
of the UK’s carbon emissions, contributing
to global climate change.
The EPC is prepared by Domestic Energy Assessors
(DEA’s) or Home Inspectors who are members
of a Government Approved Certification Scheme.
It is estimated that by following the recommendations
given in an EPC, an average of £300 a year
can be saved in fuel bills.
|
| 4. |
WHAT IS A HOME CONDITION REPORT?
The Home Condition Report (HCR) contains information
about the physical condition of the property.
The HCR is prepared by Home Inspectors who are
members of a Government approved and regulated
Certification Scheme, and sellers, buyers and
lenders will have a legal right to rely on it
as an objective and authoritative report.
Sellers who provide a HCR will have an early opportunity
to carry out repair work on their home or obtain
quotes prior to marketing. Potential buyers will
be made aware of any repairs they may need to
make, or will be reassured that the property is
in good condition before putting in an offer.
Lenders can also benefit by using the reports
to inform their valuations, reducing the need
to repeat a site inspection at the buyer’s
expense.
|
| 5. |
WHERE CAN I FIND A HOME INSPECTOR OR DOMESTIC
ENERGY ASSESSOR?
Many sellers will use the services of Estate Agents
or a HIP provider who will commission the Home
Inspector or DEA on the seller’s behalf.
|
| 6. |
WHO WILL COMPILE MY HOME INFORMATION PACK?
In most cases a pack can be compiled by a number
of organizations including Estate Agents, Lenders,
Conveyancers and specialist pack providers. There
will also be the option for sellers to compile
the pack themselves.
|
| 7. |
HOW MUCH WILL A PACK COST?
The cost of preparing a HIP will be determined
by market forces. Most of the cost already exists
as nearly all of the compulsory pack contents
need to be provided already under the present
process, the only new elements being the EPC and
optional HCR.
For any further information on HIPS, email us
at properties@strideandson.co.uk,
or visit: www.homeinformationpacks.gov.uk |
