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Home Information Packs were put in place with a view to improving the current home buying and selling process, HIPS became compulsory with effect from the 1st of August 2007 for properties with 4 or more bedrooms. Properties with 3 bedrooms became compulsory from the 10th of September 2007. And now all properties require HIPS from the 14th of December 2007.
At Countrywide Home Information Pack Services Ltd, we can offer the HIPS pack for FREE* (terms and conditions apply) For more information on this offer, please click on the link or you can alternately contact us on 020 8598 4040 or email us at info@chipservics.co.uk
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| It is estimated that 1 in 4 transactions fall through due to important information coming to light after a formal offer has been made. The Government's intention is that it will make the buying and selling of a property more transparent and a much more easier and simpler process and will hopefully reduce the number of transactions that fall through before they get to exchange and completion, After recent studies nearly 9 out of 10 consumers are unhappy with the current system. It is anticipated that the packs will speed up the Conveyancing process. |
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The Home Information Pack Regulations states the requirements for the pack. The pack consists of what is called “Required”
and “Authorised” documents. The
“Required“documents are compulsory and so must be included in the pack.
The required documents are:
• An index of the contents of the pack
• Evidence of Title
• Sale Statement (which must summarise the terms of the sale)
• Standard Searches (ie local and drainage and water)
• An Energy Performance Certificate
• Leasehold information including a copy of the lease and information on service charges and insurance if leasehold property
• New Home Warranty (if applicable)
• Where appropriate, a report on a home that is not physically complete.
The authorised documents include:
• Guarantees and Warranties
• Other searches
• Home Condition Report
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| The pack will be valid for as long as the property is marketed for sale. The Regulations allow for a period where the property might be taken off the market due for example, the seller is changing Agents or the property has previously been under offer. The only time aspect of the HIP pack is the local search which is valid for 6 months. |
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| Right to Buy properties are excluded from the legislation due to the fact that the property is not being openly marketed. The possibility of including the HIPS principals for these particular properties is currently being examined. Please note Shared Ownership properties will require a Home Information Pack. |
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| Yes these properties will require a Home Information Pack |
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| The EPC will contain energy ratings for homes. It will outline the cost of heating, hot water and lighting in homes and will you give practical advice on how to cut these costs and reduce your carbon emissions. It will also provide sellers and buyers with an A-G energy efficiency rating on their homes. By acting upon the recommendations, it is anticipated that the average homeowner will save approx £300 every year on fuel bills. Usually the recommendations could include information on how to insulate your loft, or add cavity wall insulation or even a new boiler system. |
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| These must be carried out by a qualified Home Inspector or Energy Inspector. |
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| Although the Regulations to provide a HIP apply only to those properties marketed after 1st June 2007, the Regulations also provides that all homes for sale will need to have a HIP by 31st December 2007 - this is irrespective of the date the property was put onto the market. |
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| Yes, the Seller or Vendor must have a completed pack at the time the property is marketed. The exception to this is if particular documents like local searches or the Energy Survey cannot be obtained in time. In this instance, the seller can market the property as long as the Home Information Pack has been commissioned and the said documents have been ordered and are just waiting to be included in the HIP Pack. The seller / vendor must have taken all reasonable steps to obtain the outstanding documents through their HIP provider and must include the outstanding documents in the pack as soon as possible. |
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At present Local Authorities will only have the right to decide on what action to take against a seller if they are in breach of the regulations. The Local Authority could possibly do one of three things:
1. They may give advice
2. They could issue a formal warning
3. They could serve a fixed penalty notice.
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| Yes, but the Government has now decided that the report need now only be classed as an authorised document. It is still the Governments view that the HCR report will prove beneficial to both buyers and sellers and they will be monitoring this field with possibly taking a view to including this as a required document. |
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| Some HIP providers are quoting around 10 working days, however at Countrywide we aim to have the HIP available to you within 5 - 7 working days. |
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| As soon as you have ordered your HIP with us you can proceed to market your property straight away. You will receive the confirmation that the HIP has been commissioned, and this can also be forwarded to your estate agents as proof. |
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| If you are marketing your property, even if it's just by putting a 'for sale' sign in the window, you need a Pack. Sales where no marketing takes place (e.g. to a member of the family) won't need a Pack.
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• Properties in Scotland and Northern Ireland.
• If you are a landlord selling a property without vacant possession.
• Portfolios of residential properties.
• Homes held on a lease of less than 21 years.
• Properties sold with sitting tenants and not available for owner occupation.
• Non residential property where homes are in mixed use with commercial property.
• 'Right to buy' sales by local authority or other social landlords.
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| At Countrywide we have a team of professionals some of which have been in the industry for over 30 years. When you purchase one of our HIP packs as well as a competitive price you can be sure you will be getting a fully comprehensive pack that meets the government requirements.. If you are a home owner please click on link to get an instant HIP quote or contact us at info@chipservics.co.uk or alternatively if you are an estate agent or Property Developer or possibly a professional in the property sector, please click on our Estate Agent tab for more information on how you can benefit from our services |
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