Home Information Packs (HIPs) are to be launching in England and Wales on the 1st June 2007, the idea behind these is to help improve the home buying and selling process.
They aim to take the stress out of buying and selling a home by providing key information about a property.
Every Pack will include the Energy Performance Certificate, like your fridge, it will provide an A to G rating on the energy efficiency of a home, plus advice on how to make further energy savings.
The Packs will also include information such as searches and other legal documents. A Home Condition Report giving details on the condition of a property can also be included in the Packs, currently on a voluntary basis.
The packs will contain such information as Evidence of Title, an Energy Performance Certificate and the general condition of the property.
Basically, these packs will make the buying and selling process much easier for everyone concerned, as previously, you would put in an offer for a property, pay a deposit, pay survey fees and then discover something you were not initially aware of and then end up losing money.
With the HIPs you will have any relevant information and avoid any surprises.
No one will be allowed to market a property, until the HIP is in place.
Preparation of a HIP is a statutory requirement before you can market a property, whether through an estate agent, on the internet, or by other means.
The anticipated cost of a HIP including the cost of the Home Condition Report is estimated to be between £600 and £1,000 but can be found currently for less than £200.
The seller of the property will have to have a survey (a Home Condition Report) prepared.