A Home Information Pack (HIP) is required for nearly all residential property marketed in England and Wales. It takes the form of 2 parts. The first is a legal pack containing various information on the title and legal documentation of the property. The second part is the Energy Perfomance Certificate (EPC)showing how energy efficient the property currently IS and how efficient it potentially COULD BE.
If you are considering buying a property through Creasey Biles and King please do ask to see the HIP for that property.
If you are considering selling a property we will be pleased to advise on how the necessary HIP can be arranged. This can be done either directly through your solicitor or, we can assist and arrange the HIP via HIP Isle of Wight if your solicitor is one of the Panel of Isle of Wight Solicitors involved with HIP Isle of Wight.
- The cost of a HIP varies. As a guide in December 2008, the cost of a HIP for a property under the value of £500,000 is £250 including VAT (this also includes £75 plus VAT for the Energy Performance Certificate). There are additional charges for leasehold (£35.00), unregistered freehold (£50.00) and unregistered leasehold (£85.00).
- A property requiring a HIP can only be marketed once the HIP has been commissioned.
"Better Buying, Simpler Selling"
Home Information Packs were launched to help improve the home buying and selling process.
Benefits of the Home Information Pack
- Consumer satisfaction - nearly nine out of 10 consumers are dissatisfied with the present process
- Transparency - at present, key information about the property only becomes available after terms of the sale have been agreed
- Sale success rates - 33 per cent of property sales fail after terms have been agreed
- Costs - failed transactions currently cost consumers over £350m a year
- Speed - transactions currently run at half the speed of the European average
- Reliability – 60 per cent of property sales are in chains. Delay or failure in one has a knock-on effect through the chain
Other direct benefits for home buyers and sellers:
- Consumer confidence – estate agents marketing homes with Home Information Packs will be required, for the first time, to belong to an approved redress scheme. This means more peace of mind and a better standard of service for consumers who will be able to complain to an independent industry body if they’re not happy with how they have been treated.
- First time buyers – will receive Home Information Packs for ‘free’, making it easier and less expensive for them to get their first foot onto the property ladder.
