HIPS Update - 17 November 2009

WHY USE SARGINSONS LAW TO PREPARE YOUR HIP

 

1. We are regulated by the Solicitors Regulation Authority and we are insured if things go wrong. Companies claiming to be HIP providers are not regulated in any way.

 

2. Some Estate Agents will need and provide a HIP on the basis that payment can be made when the property is sold, If your property does not sell and you wish to instruct another agent you will then have to pay for the HIP. The new agent may well insist on similar conditions requiring another HIP. If SL prepare the HIP it will always belong to you and you will not be charged if you change Estate Agents.

 

In an uncertain market of expected interest rate rises following the introduction of HIPs you will be in a most favourable position if you own a HIP

 

For more information visit:

 

Home Information Packs.gov.uk

In this section

As from 6th April 2009 a residential dwellinghouse or flat being sold with vacant possession cannot be advertised unless there is a Home Information Pack in existence.

For details of properties which can be sold without a Home Information Pack click here.

From the above date therefore a HIP must be available and contain the following documents on the first day that the property is placed on the market.

  • An index
  • Energy Performance Certificate (EPC)
  • Property Information Questionnaire (PIQ)
  • Sales Statement
  • Evidence of Title

 

Some documents may not be available when marketing begins and have to be added as and when they become available.  In any event they must be included within 28 days of the date when the property was first placed on the market.

These documents are:-

  • A Local Search
  • A Water and Drainage Search
  • A copy of the Lease (if the property is leasehold)

 

There is a provision within the Regulations allowing the property to be marketed or advertised 14 days after an EPC has been ordered if that document is not then available.

You can see an example of a HIP on the right hand side of this page.

5th February 2012

Sarginsons Law