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With Home Information Packs now compulsory for every property listed for sale, buyers should take a keen interest in what is in a HIP and what they should be doing with it.
When the government first introduced HIPS, the main benefits they proposed, would be that HIPS would speed up the home buying process and benefit first time buyers by transferring certain costs to the seller. Despite many changes to the contents of a pack they can still go a long way to delivering these benefits.
So what should a buyer do with the HIP. A simple 4 point plan should be followed as below;
- Make sure you ask the estate agent for a copy of the HIP when you decide to buy a property. It is illegal to market properties in most instances without a HIP and your conveyancer will be able to make good use of it.
- Ensure the agent sends a copy of the HIP to your solicitor/conveyancer as soon as you have agreed a price. This will speed up the conveyancing process and could mean you won’t have to purchase new searches saving you around £150.
- Check the details within the HIP. While some of this will be more use to your conveyancer, you should always check that the plan corresponds with what you think you are buying. If you have any doubts about the contents, refer them to your conveyancer at an early stage so they can check them out.
- Look at the Energy Performance Certificate and see what it recommends. You may be able to reduce your energy bills by implementing some of the measures and you will be helping our environment at the same time.
Benefits for Sellers
Sellers should take an active interest in what is in their HIP and what they can do to make their sale move faster.
When the government first introduced HIPS,one of the main benefits they proposed HIPS would bring, was that they would speed up the selling process. Undoubtedly the process can be very frustrating as any one who has ever sold a home will testify. Yet some of the delays that occur can be avoided by using the HIP more effectively.
So what should a seller do with their HIP and how could they enhance it? A simple 4 point plan should be followed as below;
- Ensure your pack provider is HIP Code compliant. In this way conveyancers and lenders will be happier to rely upon the contents. Ask your agent if the pack they recommend is HIP Code compliant and check for the HIP Code logo.
- Your pack will include an Energy Performance Certificate (EPC). The majority of EPC’s we have seen to date, recommend that low energy light bulbs and loft installation are installed. By doing this before the Energy Inspector arrives you will gain a better rating which should make your house more marketable and help protect the environment.
- If you live in a leasehold property, provide the pack company with any leasehold documents you may hold as they will be required at some stage by your conveyancer, so why not provide them up front rather than cause delays once a buyer has been found.
- Instruct a solicitor/conveyancer on the sale, when you put the house on the market and tell them who is producing your HIP. There is nothing to lose by doing this as many firms act on a no sale no fee basis and having all the relevant documentation to hand including the HIP, will dramatically speed up the conveyancing process.
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