The Government has introduced Home Information Packs (HIPs) in an attempt to speed up the home buying and selling process by providing all the necessary legal documents to a buyer at the start of the process, when your property is put on the market.
HIPs are now compulsory for all residential properties put on the market after 14th December 2007.
The packs contain a large amount of complex legal information and as such, solicitors are best placed, and professionally qualified, to prepare and interpret these packs. At Philip Moody & Co. we are ready to produce a personalised and professional HIP in a speedy and efficient manner.
What is included in a Home Information Pack?
The Government has set out the required contents of the HIP:
- An index
- An Energy Performance Certificate
- A sale statement (a summary of the terms of the sale)
- An official copy of your title document
- Local Authority & Water Authority searches
- If applicable, commonhold information
- If applicable, a copy of the lease
- If applicable, a new Homes Warranty and / or a report on a home which is not physically complete
- A Home Condition Report (on a voluntary basis)
There are also 'authorised' documents which can be included in a HIP, for example of list of fixtures and fittings which are included in the sale, and leasehold information, such as service charge accounts and buildings insurance details. We can discuss with you whether you wish to include these documents.
How much will a HIP cost?
Some HIP providers are using the new rules as a way of increasing profit. We are offering the HIP at cost with a small sum to cover our expenses. In addition, if you instruct us to act in the sale of the property after providing the HIP, we will offer you a discount of £50 + VAT from our standard conveyancing fees. The cost of a HIP depends on its contents, but you can expect to pay around £375 (inclusive of VAT). We are able to offer a deferred payment option if required, giving you up to 6 months to pay for the HIP.
How long will it take to produce a HIP?
Until 31st December 2008, you are able to put your property on the market if you can provide evidence that the various components have been ordered. We can provide this evidence straight away, meaning that you can get on with marketing your property with the minimum of delay. The full HIP will be ready within approx. 7 working days of your instruction.
Why choose Philip Moody & Co?
Philip Moody & Co. has many years of experience in selling, buying and mortgaging properties. We offer a friendly, approachable and professional service and have the necessary expertise to ensure your sale is managed in an efficient and cost effective manner. We are professionally regulated, so you can be assured of a quality service. Please call or e-mail us and we will be happy to talk you through the process.