Home Information Pack Providers of Bournemouth Dorset
Providers of HIPs and Home Packs when Selling your House
The Government have introduced Home Information Packs (also called Home Packs and HIP packs) in order to reduce the increasing number of failed home sales. Under previous legislation, much of the information required by the buyer was only available after the offer to purchase had been tendered. This meant that any problems regarding the condition of the property or legitimacy of any documents provided, was not revealed until actual costs had already been incurred. Often this led to the need to completely renegotiate the terms of the sale, lengthy delays in the contract exchange process and the eventual failure of many transactions.
It was therefore deemed necessary to reduce the enormous amount of money and resources wasted on the failure of so many potential home purchases, including expenses predominantly incurred by the intended buyer on excessive legal fees, searches and valuations, which subsequently led to eventual withdrawal from the transaction when unsatisfactory factors were revealed. In providing this essential information at the outset of the selling process, the Government’s intention is to accelerate the whole procedure of the house purchase by reducing waste in time and financial resources and to thereby drastically cut the number of failed home sales.
What does a Home Information Pack contain for Freehold properties?
- Index
- Energy Performance Certificate
- Sale Statement
- Title Documents for the Property
- Local Authority, Water and Drainage searches
- Property Information Questionnaire (PIQ)
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Additional information for Leasehold properties
A Home Information Pack may also contain
- Home condition Report
- Two sellers questionnaire forms called "Home Use Form" and "Home Contents Form"
- Legal summary
- Other searches such as a mining search
- Building Insurance Policy
- Contact details for Landlord or Management and any legal details
- Regulations that apply
- Recent service charge receipts and accounts
If certain documents (i.e. searches, leasehold information, evidence of title for unregistered home and leasehold/common hold information) cannot be obtained in time, sellers can start marketing with a Pack that includes an index, sale statement, evidence of title and an Energy Performance Certificate only.
However, the seller must be able to show that the missing items have been commissioned, and are expected to arrive as soon as practicable - certainly no later than 28 days of the property being put on the market
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