HIPs Update - 19th June 2007

WHY USE SARGINSONS HUGHES & MASSER TO PROVIDE YOUR HIP?

 

1. We are regulated by the Solicitors Regulation Authority and we are insured if things go wrong. Companies claiming to be HIP providers are not regulated in any way.

 

2. Some Estate Agents will no doubt provide a HIP on the basis that payment can be made when the property is sold. If your property does not sell and you wish to instruct another agent you will then have to pay for the HIP. The new agent may insist on similar conditions requiring another HIP. This means that you will have to pay twice. If SH&M prepare the HIP it will always belong to you and you will not be charged if you change Estate Agents

 

In an uncertain market of expected interest rate rises following the introduction of HIPs you will be in a more favourable position if you own the HIP on your property.

 

For more information visit:

 

Home Information Packs.gov.uk

In this section

view a sample HIP Pack (This link will open in a new window)
 

On the 11th June 2007 the Department for Communities and Local Government issued new Regulations under the Housing Act 2004 in relation to the introduction of Home Information Packs (HIPS).

For a period beginning on the 1st August 2007 and ending on the 31st December 2007 a house with four bedrooms or more can only be placed on the market with vacant possession after certain documents have been requested. 

The documents are :

  1. An Index.
  2. An Energy Performance Certificate (EPC). Which can now be up to 12 months old at the time of marketing.   
  3. A Sales Statement.
  4. A copy of the Land Register and filed plan.
  5. Local Search.
  6. A Water Search.

 

The requests have to comply with the procedures laid out in the Regulations and in particular the request must be made to the correct person who can provide the documents and be accompanied  by payment or an undertaking to pay.

When the Seller or his Agent has the EPC in his possession or under his control, then at that point the duties to have a HIP in place become mandatory.

The Department has provided no real guidance as to what constitutes a four bedroom house other than to say that "a residential property shall be regarded as having four bedrooms or more if the manner in which the property is marketed indicates that it has four bedrooms or more".

Other properties will be phased into the scheme as and when there are sufficient Domestic Energy Assessors available to prepare EPCs.

Any property on the market prior to the 1st August 2007 will not be subject to these regulations.  However a date will be set when all properties that remain on the market will be required to have a HIP.  This date will be set in the light of market conditions.

The Government has stated that it will provide £117.50 towards the cost of each of 5000 subsidised EPCs in HIPs purchased on a voluntary basic prior to 1st August 2007.

If you will like to take advantage of this Government funding or if you are considering selling your house it is important that you contact a solicitor first. If you have any questions or would like to discuss Home Information Packs further please contact us at : hips@sarginsons-solicitors.co.uk or telephone us on 024 76553181.

 

Order a Home Information Pack online

 

28th August 2008

Sarginsons Hughes & Masser