The Home Information Pack (also known as the HIP) is mandatory for the majority of homes offered for sale on the open market in England and Wales. The HIP is made up of required (compulsory) and authorised (optional) documents. There shouldn't be any marketing or advertising material in the pack, so it should contains official information only. From 6 April 2009, the HIP must be available on the first day a property is marketed for sale. A Seller must not market a property either personally or through an estate agent unless the HIP is available. A HIP should be compiled and paid for along with other preparations for selling the property. However, if there's a delay in getting certain documents, like the local searches, these can be added after marketing commences.
If you are buying a property, just ask whoever is advertising it for sale for a copy of the Home Information Pack. This is usually an estate agent, but could be another business or individual. They must give you a copy of the pack free of charge. However, they may make a reasonable charge to cover the costs of copying and posting it if you opt for a paper rather than an electronic copy.
So what exactly is a HIP?
A HIP is a set of documents that provides the buyer with key information on the property and must be provided by the seller or the seller's agent. It is a legal requirement to have a HIP and you can't market your property without one.
The HIP lets buyers see important information about the property at the start of the process, free of charge. This means there is less chance of buyers becoming aware of any surprises at the end of the process. The HIP can help reduce delays and extra expense to the buyer and seller.
At Neves we can provide you with a HIPCode compliant Home Information Pack at a competitive price. Obtaining your HIP from your solicitor in this way means that you will own your HIP and this HIP can be used at any agent with whom you wish to market your property. If you use an estate agent to provide your HIP and do not pay for it in full at the outset then the agent will usually retain ownership of the HIP meaning that it cannot be transferred to another agent without further payment being made.
Sellers and buyers can find more information with regards to the regulatory position on Home Information Packs on the Department for Communities and Local Government website www.communities.gov.uk or can use the following links for an update on the current position.
If you would like more information and advice on how the HIP regulations affect you or to obtain a quote for a Home Information Pack please contact any of our residential property team direct or email us on info@neves-solicitors.co.uk.
The residential property team consists of Andrew Orriss and Haqib Iqbal in our Luton office; Ian Simpson, Jane Joseph, Mandy Cowen and Trevor Kidd in our Harpenden office; Caroline Hume, Nicola Green and Carly Inskip in our Milton Keynes office and Caroline Hume and Nadia Mirza in our Northampton office.
