|
Home Information Pack (HIP), also referred to as the 'Seller's Pack', is a set of documents conveying information about any property owned by an individual in England and Wales.
This means that, if any owner intends to sell the property, then he/she has to produce the set of HIP documents relating to the property. Sale Statements, The Energy Performance Certificate, Local authority Searches, title documents, etc., are some of the most important HIP documents.
To ensure a more transparent and viable transaction between the property seller and the buyer, the HIP documents were introduced. This curbed the rampant growth of manipulations, gazumping and mismanagements in this domain.
The property seller and the buyer confronted many difficulties, due to lack of adequate information. The buyers lacked the right information and the seller could not reach at a realistic price for the property. However, with HIP documents the unwanted problems could be curtailed.
Since, it has become inevitable for the property owners to produce HIP documents according to the provisions of the Housing Act 2004, therefore the whole transaction process has gained more transparency and authenticity. This has satisfied both the sellers and the buyers on all accounts.
The HIP document information can be distinctly divided into two headings, the 'required' and the 'authorized'. A person who intends to sell his/her property should produce those HIP documents, which should incorporate the 'required' information. These genres of information include the Home information Pack Index, Sale Statement or Terms of Sale, Title Documents for the Property and Local authority and Drainage Searches. However, the person can produce only those documents that have been issued three months prior to the date; the property has been marketed for the first time.
In case the property is on leasehold, the seller has to produce some additional information along with the 'required' documents. These incorporate building insurance policy, contact details for the property owner or management, copy of the lease, recent service charge receipts, legal details, accounts and all applicable regulations.
Apart from the 'required' documents, the seller has to furnish 'authorized' information – Home Condition Report and Legal summary and other search reports (for example, mining search reports are case specific, depending on the area, etc). To avert any unexpected problems, the seller may also include the two questionnaire forms, Home Use Form and Home Content Form.
Find local Domestic Energy Assessors to supply an Energy Performance Certificate for your Home Information Pack at our Directory of Domestic Energy Assessors at www.dealocal.co.uk
|
tweet this!