
A Home Information Pack provides information to a buyer about a property which they may wish to purchase. The pack must be provided by the home seller or the seller's agent. The pack is intended to improve the home buying and selling process in England & Wales, which is currently very slow and subject to a 30% failure rate.
Under the current system, key information is withheld from both buyers and sellers until a sale is agreed. This often results in costly issues arising later than necessary in the sale process. The Government intends that by using a HIP, information will be provided up front enabling buyers to make an informed decision early on and avoid delays, uncertainties and unnecessary expense. The aim is that this new system will be simple and more efficient.
HIPs are not required when selling the following properties:
non-residential property;
mixed commercial and residential property;
sales of tenanted properties;
a portfolio of residential properties sold as a single lot
residentail properties which are unsafe or due for demolition
The pack must contain:
Sale statement
Title documents
Title plan
Energy Performance Certificate (EPC)*
Local Authority Search
Drainage & Water Search
Consumer Redress document
Index
Additionally, leasehold properties will need to provide:
A copy of the lease
Name and address of Landlord & Managing Agents
Service Charge statements over last 36 months
Finacial requests made by Landlord over last 12 months
Regulations or rules made under the lease
Proposed amendments to the lease
Summary of proposed building works
* HIPs for new build properties will require an Interim Energy Assessment. |