Why you need a HIP if your selling a property
Before we go any further we should point out that there is nothing to be afraid of, Thornley Groves will organise your HIP, its easy to put in place and needn’t delay your marketing if handled properly. Our experienced team will be happy to answer any questions you have from how much they cost to what is involved but for now we have summarised the basics below.
It is a legal requirement to have a HIP if you market your property. The HIP lets buyers see important information on the property at the start of the process, free of charge.
This means there’s 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.
You don’t need a HIP for:
- properties where there is no marketing.
- non-residential properties
- properties limited by law to use as holiday accommodation or occupation for less than 11 months per year
- mixed sales, for example a shop with flat
- sales of portfolios of properties, for example selling two properties together
- properties not being sold with completely vacant possession, for example with a sitting tenant
- unsafe properties and properties due to be demolished
- properties sold through the ‘Right to Buy’, ‘Right to Acquire’ and ‘HomeBuy’ home ownership schemes
New builds
You need to provide a HIP for newly built properties.
What is in a HIP
The HIP is made up of required (compulsory) and authorised (optional) items.
There shouldn’t be any marketing or advertising material in the pack, so make sure it contains official information only.
From 6 April 2009, the HIP must be available and contain the following documents on the first day a property is put on the market:
- Home Information Pack Index
- Property Information Questionnaire (PIQ)
- Energy Performance Certificate (EPC) or Predicted Energy Assessment (PEA)
- sustainability information (required for newly built homes)
- sale statement
- evidence of title
If the following documents are unavailable when marketing begins, they should be added to the Pack as soon as they are available. These documents must be included within 28 days of the date the property was first placed on the market:
- standard searches (local authority and drainage and water)
- a copy of the lease for leasehold properties
- commonhold documents where appropriate
Obtain more information on Home Information Packs and a current market valuation on your property by clicking here http://www.thornleygroves.co.uk/valuation-request/
