News in brief
Home information packs
Home Information Packs (HIPs) were introduced by the Government with effect from 1 August 2007. It was then not possible to put a home having four or more bedrooms on the market (either personally or through an estate agent) unless a HIP had been ordered. This was extended to homes having three or more bedrooms with effect from 10 September 2007. From 1 January 2008 the HIP will need to have been obtained (as opposed to merely ordered) before marketing.
The HIP is a collection of documents which must be provided to potential buyers of a home. It presently includes an Index, Sale Statement, Energy Performance Certificate, Local Search, Drainage Search and copy title deed. The Government hopes that the early production of such documents will streamline the sale and purchase of homes resulting in less abortive transactions. The introduction of the Energy Performance Certificate is intended to improve the energy efficiency of the country’s housing stock.
Once the HIP has been prepared, the Seller’s chosen estate agent can market the property.
Need more information?
Please email or contact us with your enquiry.
 |
This article is for your general information and use only and is not intended to address your particular requirements. This article is based on our understanding as at the 11 October 2007. The content of the article should not be relied upon in its entirety. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without appropriate professional advice after a thorough examination of their particular situation. Any references made to the Pre-Budget Report may be subject to the Finance Bill becoming law. |