Home Information Packs

In order to speed up the process of house buying, from 1st June 2007, every home sold on the open market has had to have a Home Information Pack (HIP). This will be provided by the Home Owner or their agent. Home Information Packs will provide important information to prospective purchasers at the very start of their interest in a new home. The aim is to give increased transparency on key issues to do particularly with the condition of the property and will mean the purchaser will have all relevant information about the property before making an offer.

What a HIP will contain
A Home Information Pack is expected to contain

Terms of sale;
Evidence of title;
Replies to standard preliminary enquiries made on behalf of buyers;
Copies of any planning, listed building and building regulations consents and approvals; Copies of warranties and guarantees, for new properties;
Guarantees for any work carried out on the property;
Local search replies;
A home condition report and energy performance certificate.

It is expected that a HIP will cost on average £500 - £600 and this will be paid for by the seller. In order to run the scheme, approximately 7,500 home inspectors are being recruited and trained. Whilst at the launch, only houses with four or more bedrooms needed the packs, now all sellers need to provide them. Some analysts feel that this has contributed to the slow down in the housing market.