Home Information Packs

The Home Information Pack Regulations are now in and applicable to ANY property that now comes onto the market for the first time.

The regulations were brought in gradually: 4 beds or more needed a HIP from 1st August 2007, 3 Beds needed a HIP from 10th September and all properties with 2 Bedrooms or less needed a HIP from 14th December.  If you were marketing your property before these dates, you will not require a HIP at this time.

A Word Of Warning:

If you marketed your property before the regulations came in force and took the property off of the market once you accepted an offer and the offer subsequently fell through, if you were off the market for more than 28 days, you will require a HIP to re-commence marketing.

What is in a Home Information Pack and Can I do it myself?

A Home Information Pack is not as complicated as it sounds!  It has to contain various documents relating to your property including:

1: Index

2: Standard Searches

3: Evidence Of Title

4: Sale Statement

5: An Energy Performance Certificate (EPC)

If your property is leasehold, there will be additonal paperwork required regarding your lease.

The above documents are compulsory.  You can also include optional documents in your Home Information Pack including any guarantees/certificates, a fixtures and fittings form, ahome condition report and legal summary.

A Home Information Pack can be arranged for you by an estate agent, solicitor or HIP provider but there is no reason why you cannot organise your own.

Most HIP's are being charged at between £300 - 400. But be careful because the advertised price is rarely the amount you pay.  HOWEVER, we can arrange one for you at cost, with no hidden catches and no profit.  At Vendors Direct, we don't agree with companies profiting from something which is compulsory so we have teamed up with two local solicitors who are producing the packs and charging you what they get charged. 

The first 4 items needed in the Home Information Pack are provided by Land Registry and Local Authorities and hence will have fixed fees.  The EPC however, varys dramatically in cost yet we have secured an agreement to be able to supply the EPC for £57.50 - this is the lowest cost in the market at the present time.

For example, if you live in High Wycombe and have your water supplied by Thames Water, the cost would be as follows:

1: Thames Water Search: £47.94 including VAT

2: Land Registry Evidence Of Title: £6.00

3: Local Authority Search: £115.00 including VAT

4: EPC: £57.50

5: Sale Statement: no charge.

Full and detailed information can be found on the Communities and Local Government website:

www.homeinformationpacks.gov.uk

What is Positive About HIP's?

A property with a HIP will be known to be new on the market rather than an old chestnut, which can enhance its value.

Also, a HIP is not such a bad idea! Because much of the legal documentation, usually procured once a sale has been agreed, is available at the outset, the sale is likely to proceed much more quickly once a buyer is found. This in turn reduces the window of opportunity within which a sale could otherwise fall through.

Finally it’s painless.  We are fully ready for HIPs, and are happy to provide you with any advice you may require. Please feel free to phone us on 01494 446631 for further information.