As from 1st August 2007 the government is introducing a scheme designed to improve the process of buying and selling your home.  It should make the process more transparent as it requires more information to be made available to potential purchasers when marketing your property.

Initially these packs will be required for the sale of 4 bedroom properties and larger. It is necessary for a pack to have been commissioned by the time your property is marketed.

Homeowners who have not commissioned a Hip by the time they market their property can face fines of up to £200 a day.

WHAT IS IN A PACK?

A HIP is a package of information concerning the property that is to be sold. It is paramount that every HIP must contain Required Documents, though Authorised Documents are not obligatory but can be provided, and Excluded Documents may be alongside the HIP but must be clearly separated and distinguished from it. Advertising material is prohibited.

Required Documents for the HIP are:

For Freehold Properties:

• Home Information Index ~ detailing the contents of the HIP.
• Energy Performance Certificate ~ designed to provide an energy efficiency rating for the property. It will be issued following a survey carried out by a Domestic Energy Assessor.
• Sales statement ~ detailing the property to be sold.
• Evidence of Title ~ proof of ownership.
• Searches, Local search and water and drainage.

For Leasehold Properties:   (Add to the above)

• Copy Lease
• Copy Leasehold regulations
• Three years accounts
• Landlord / Managing Agent details
• Ground rent and service charge receipts
• Building Insurance details

Authorised Documents for the HIP (not compulsory)

• Home condition report (a form of survey but excluding information concerning value)
• Property Information form and Fixtures and Fittings list.
• Copy of documents referred in the registered title i.e. transfer deeds.
• Other conveyancing searches.

HOW TAYLOR TOFTS CAN HELP:

• We have the ability to order your HIP as soon as we have received your instructions, thus allowing us to market your property immediately.
• Your solicitor or surveyor can provide your HIP if this is your preference.
• An Energy Performance Certificate will be incorporated into our sale particulars, in compliance with HIPs legislation.

For more information, please contact: