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| info@breytenbachs.com | ||
| Tue, 6/1/2009 | ||
The latest buzz term in the UK property market is Home Information Packs. There are numerous confusing statements and information on the subject, but very little clear guidelines or information for buyers and sellers on how the introduction of Home Information Packs (HIP’s) will affect them and what it is all about.
In order to bring some clarity on the issue, Breytenbachs has compiled a simplified guide on the current stance of the introduction of Home Information Packs.
The HIP, sometimes called a Seller’s Pack, is a set of documents that will have to be provided by the seller about the property, when putting the property up for sale. The compulsory documents that inter alia need to be in the Home Information Pack include;
An index listing the documents contained in
the HIP, which serves as a checklist for buyers, sellers and other
parties involved.
An energy performance certificate, which will provide information on
the energy efficiency of a home and tips on how the energy
efficiency of a home can be improved.
Sale statement information, such as the address of the property,
whether it is a leasehold or freehold and other basic information
about the property.
Copy of the title deed, i.e. the legal document that serves as proof
of ownership.
Search documentation such as: planning permission or building
consent on the property, local area searches and the provision of
drainage and water services to the property.
Other optional documents can also be included in the HIP such as:
non-standard searches, condition of the home reports, legal
summaries etc.
The Home Information Packs have been implemented on a phased basis from 1 August 2007 in England and Wales. At first it was only required for four-bedroom properties or larger, but were then also introduced for three-bedroom properties in September 2007. From 14 December 2007 it will be required for all properties being sold in England and Wales. At present, sellers must commission a HIP before the can put their property on the market, but have a 28-day window for it to be finalised. The UK government has announced that it will extend for six months the current exemption which lets leasehold documents be provided after the 28-day deadline. It will also delay the introduction of the new rule that a property cannot be put on the market until the HIP has been completed to 1 June 2008.
The introduction of Home Information Packs has been on the cards for a number of years. The main reason why it is being introduced is to ensure greater transparency for the buyer, increase the speed of the transaction and reduce the carbon emissions by homes, which according to the Energy Savings Trust is accounting for 27% of the UK’s carbon emissions.
If you are a buyer of a property subject to a HIP, the estate agent or whoever is selling the property should be able to provide you with a Home Information Pack. If you are a seller of a property subject to the introduction of a HIP, your solicitor will be able to assist you with obtaining a HIP.
Whether you are a buyer or a seller, always make sure that your legal representative fully informs you of the entire process and feel free to raise any concerns you might have. Therefore, make sure you appoint someone with whom you feel comfortable and who you trust in handling your property transaction from A to Z.
If
you need any further information or advice, please contact the
Breytenbachs Property department on
info@breytenbachs.com.
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