The government has introduced the Home Information Pack (HIP) to help prevent time wasters, the practice of gazumping and to generally speed up the buying and selling of property.
It was originally planned that the HIP would include a Home Condition Report (HCR) detailing the general condition of the property. The intention was that a HCR would make buyers aware of any initial problems with a property which could resort in the cancellation of the sale.
While the government has now controversially dropped the demand for a HCR, an E.P.C will be compulsary as a requirement of the EU Directive.
Sellers can include a HCR on a voluntary basis to try to make their house more saleable.
REQUIRED
The pack must contain the following, which must be less than twelve months old when the property is first marketed:
- Title documents for the property
- Local Authority searches
- Two sellers questionnaire forms called Home Use Form and Home Contents Form
- Warranties and Guarantees if the property is newly built
- Information regarding to any building planning, regulations, approvals and consents
- Energy Performance Certificate
AUTHORISED
The authorised documents include:
- Home Condition Report
- Home use/contents forms
- Legal summary
- Other searches
Sellers can use authorised documents to top up their packs to include additional material judged to be of interest to prospective buyers.
If the property is leasehold, then the pack must also include the following
- Copy of the lease
- Building insurance policy
- Contact details for the landlord or management and any legal details
- Regulations that apply
- Recent service charge receipts and accounts