Come 1 June 2007, everyone selling a home will have to prepare a Home Information Pack (HIP), which will set them back around £500.

 

HIPs are designed to speed up sales, by making basic information available at an earlier stage in the selling process.

 

What exactly is in a HIP?

Home Information Packs must, by law, include:

Evidence of Title

Terms of Sale

Replies to the standard pre-sale enquiries made on behalf of potential buyers

Copies of any planning, or building regulation approvals and consents

Copies of warranties and guarantees for new buildings

Any guarantees for work carried out on the property

Standard searches

An energy performance certificate

 

Leaseholders HIPS Requirements

Copy of the lease

Most recent service charge documentation i.e. receipts and accounts

Details of building insurance and evidence of payment i.e. receipts

Copies of any landlord / management company regulations

Memorandums and articles of association of the landlord or management company

 

 

Optional

A home condition report

Other guarantees and warranties

Other searches

 

Home Information Packs are continuing to receive widespread criticism from organisations like the Council of Mortgage Lenders and the National Association of Estate Agents. Their view is that making HIPs compulsory will dissuade people from putting their houses on the market, reducing supply and driving prices further up.